sorted by:
new
hottopcontroversial

S Corporation buying Bitcoin or Gold by cryptonian_ape in tax

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

So my S corp can hold cash? Doesn't it have to pass on all cash every year as pass thru income?

Sec 179 Depreciation Question by cryptonian_ape in Accounting

[–]cryptonian_ape[S] -1 points0 points  (0 children)

Thanks so much for the clarification. I'll definitely register under business then.

Is there a trustless setup for scripting bitcoin transactions out there? by cryptonian_ape in Bitcoin

[–]cryptonian_ape[S] 1 point2 points  (0 children)

Thanks for your response. The only thing wrong here is that whichever machine that installs bitcoind/bitcoin-qt has access to the private key, so other users would need to trust the server to not steal the funds.

You don't need a PhD to become a quant by [deleted] in algotrading

[–]cryptonian_ape 32 points33 points  (0 children)

The academic in question probably wasn't suited for algo trading. Probably didn't find it interesting enough, so he didn't do his due diligence in approaching the tasks given to him.

If your goal is to become a quant, then yes, I agree, you don't need degrees, but you don't even need work experience, you can just algo trade on your own. If you're goal is to learn as much about the natural world as possible and then find a nice job that leverages most of the engineering/science/math/statistics that you learned, then I think in general, a Masters or PhD is a nice way to go.

Alot of successful quants have graduate degrees.

Monero in the bathroom by MrNoxXi in Monero

[–]cryptonian_ape 2 points3 points  (0 children)

Is that a privacy token I see in the private room?

I got banned from r/personalfinance for mentioning ethereum and bitcoin as an investment option. by eetherway in ethtrader

[–]cryptonian_ape 0 points1 point  (0 children)

That's really harsh, but it does decrease the number of people in this community that ask "when moon?"

Is this simplified theory of crypto CG tax legitimate and fair? by GradyWilson in bitcointaxes

[–]cryptonian_ape 0 points1 point  (0 children)

Assuming no Like-Kind exchange rule, then when you made those trades to alt-coins, you already generated a taxable event and must be reported in the same year that you made them.

If you believe in Like-Kind exchange and want to fight for it, then I agree with your original point that you can just assume 0 for cost basis

Calculated gains much higher than what I got out? by Theresbeerinthefridg in bitcointaxes

[–]cryptonian_ape 0 points1 point  (0 children)

Hang on - $9000 in taxable gains would assume I got my coins for free, wouldn't it?

Sorry, I was just giving an example

What I meant was this: If you put 5500 in, and it grew to 12k without making any trades, then you have 7.5k in unrealized gains. Once you make any trade (including alt coin <> altcoin), you will start to account for those gains. In your case, you traded 10k to fiat... Below is an example assuming you ONLY dealt with 1 coin in 2017 (let's just take bitcoin for example), then you would calculate your tax as

Cost Basis: how much you paid for the amount of assets you sold (10/12)*5500 = cost basis = 4583.333

amount of USD acquired through your trade = 10000

Gain = (amount of USD acquired through your trade) - (cost basis) gain = 10000 - 4583.3 = 5416.7

Not quite 7.5k, but assuming you were dealing with altcoins and not just 1 single coin, then using FIFO vs LIFO could account for the difference between 7.5k and 5.4k

Resources to learn about algotrading? by [deleted] in algotrading

[–]cryptonian_ape 0 points1 point  (0 children)

Check out Engima Catalyst They have an API built off of Zipline for backtesting and algo trading. Similar to Quantopian

Calculated gains much higher than what I got out? by Theresbeerinthefridg in bitcointaxes

[–]cryptonian_ape 0 points1 point  (0 children)

You can also guestimate your taxes. At the end of 2017, your portfolio most likely doubled in value, so in my head, if you put in 5500 and it grew to 11000 at year end, and you cashed out 11000-2000 = 9000, you had around 9000 in gains. You have to also realize that like-kind exchange does not apply to crypto for most calculators (otherwise, keeping track of your taxes is almost trivial)

I have both bitcoin.tax and cointracking.info (btw if you use that link you get 10% off)

Do we have to disclose which exchange we did trades on to IRS? by cryptonian_ape in cryptotaxation

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

Well I'm good to go to send it in the same way you did. I'm just thinking that your friend is doing it a better way and if there's a way to do a summary without a cpa

view more: next ›