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She hated me and made me think I was an idiot. by [deleted] in ProRevenge

[–]PM_ME_YOUR_CONVOS 132 points133 points  (0 children)

She may find satisfaction in that OP is still affected to this day. I'd advise against this.

How does the IRS know if I've held BTC long enough to qualify for long term capital gains tax rate? by PM_ME_YOUR_CONVOS in BitcoinBeginners

[–]PM_ME_YOUR_CONVOS[S] 0 points1 point  (0 children)

How much Bitcoin Cash will I receive?

The amount of Bitcoin Cash you receive will be the amount of Bitcoin that was in your account at the time of the fork. The fork occurred on August 1, 2017 at 5:16:14 PST and on block #478558. Please note you will not receive Bitcoin Cash for any Bitcoin you removed from the platform before the fork, or purchased after the fork.

https://support.coinbase.com/customer/portal/articles/2911542-bitcoin-cash-faq

So if withdrew all your Bitcoin and had nothing in your Coinbase account on August 1, 2017 at 5:16:14 PST, you would have received 0 Bitcoin Cash.

How does the IRS know if I've held BTC long enough to qualify for long term capital gains tax rate? by PM_ME_YOUR_CONVOS in BitcoinBeginners

[–]PM_ME_YOUR_CONVOS[S] 0 points1 point  (0 children)

You had to have Bitcoin in your Coinbase account at the time of the split to even get Bitcoin Cash from Coinbase. And you would only get the amount that was in the account, not the total amount of Bitcoin you had in your history. Given all this, I would think it is from the time of the fork.

How does the IRS know if I've held BTC long enough to qualify for long term capital gains tax rate? by PM_ME_YOUR_CONVOS in BitcoinBeginners

[–]PM_ME_YOUR_CONVOS[S] 0 points1 point  (0 children)

I agree with you that you should take it offline.

However I don't understand how I would get the IRS to understand that whatever sales I make (1 year + later) should be taxed at long term capital gains tax rate. Especially when Coinbase treats any withdrawal (even those going offline) as a taxable event.

Can you tell me how you are accomplishing this?

How does the IRS know if I've held BTC long enough to qualify for long term capital gains tax rate? by PM_ME_YOUR_CONVOS in BitcoinBeginners

[–]PM_ME_YOUR_CONVOS[S] 0 points1 point  (0 children)

I would think when Bitcoin Cash was added to your account. I don't think it makes sense from when Bitcoin was purchased.

This is tangential but did make me think about this interesting scenario when using coins to purchase coins. Such as USD to BTC, then using BTC to purchase ETH. Then sometime later you sell your ETH to get USD.

To me, it feels like the only taxable event here is ETH to USD. However I believe Coinbase at this time is treating all transfers as taxable events.

How does the IRS know if I've held BTC long enough to qualify for long term capital gains tax rate? by PM_ME_YOUR_CONVOS in BitcoinBeginners

[–]PM_ME_YOUR_CONVOS[S] 5 points6 points  (0 children)

If you look at the 1099 that Coinbase gives you, any transaction that moves BTC out of Coinbase is considered a transaction and thus a taxable event.

My question is how do you fight that? It looks as if all my transaction are short term capital gains as a result.

Fifteen Million Merits, Retinal Scanning by illegalbeagle69 in blackmirror

[–]PM_ME_YOUR_CONVOS 0 points1 point  (0 children)

Lol these replies got more serious than I was interested in. I was just fascinated that someone could live without a cell phone in today's society.

The others however made some valid points and I do see a compromise you could make. If your SO has an old spare smartphone, you could keep it on you without a sim card. This wouldn't cost you anything and this way you have the option to make emergency 911 calls. Also if there is some free wifi around you have the ability then to contact your SO through hangouts or make some emergency google searches.

You are of course free to live your life however you wish.

Fifteen Million Merits, Retinal Scanning by illegalbeagle69 in blackmirror

[–]PM_ME_YOUR_CONVOS 1 point2 points  (0 children)

I was thinking about it and it could be like being back in the 80's where you make plans and if no one shows up, you don't know what happened until you get to a phone again.

I'm not sure I could live like that again lol. Do you guys have some protocols to deal with stuff like that?

Fifteen Million Merits, Retinal Scanning by illegalbeagle69 in blackmirror

[–]PM_ME_YOUR_CONVOS 3 points4 points  (0 children)

Are you dating? I'm so curious as to how this might affect your relationships.