Donating Bitcoin

[Artaenc]

Anyone know if it's possible to donate bitcoin to Project1999? Not sure if it gets taxed if it's a direct transfer.

[magnetaress]

Anyone know if it's possible to donate bitcoin to Project1999? Not sure if it gets taxed if it's a direct transfer.

u could always cash it in as USD first

[BlackBellamy]

Man I traded so much "coins" last year and then dumped it all before it turned sour and had all these capital gains and then I was like do I tell the IRS anything and then I was like nah they're very disorganized how are they going to know I'm trading on this Taiwanese exchange and depositing stuff into a Cypriot bank that then transfers it to the First International Bank of Israel because when I fill out my taxes and they ask if I have any international bank accounts I just say no I don't because where that money eventually winds up is not technically a bank and besides anyway if you know the IRS they just send you a bill plus interest and then you go oh noes and they're like that's ok you can just pay a portion of it which winds up being less than the actual tax in the first place so if you take that tax money you should have paid and you put that into an interest-bearing account you can just wait for them to offer you a compromise and then you pay the due and still have money left over.

Anyway to recap: You don't have to pay taxes on any "bitcoins" or whatever.

[Hoppkins_Wytchfinder]

You do here. They are liable for capital gains tax AFAIK. Had a friend who traded a bunch, got taxed out the ass for em.

[Sibelia1]

You do here. They are liable for capital gains tax AFAIK. Had a friend who traded a bunch, got taxed out the ass for em.

I think you missed the point :D
i didnt pay no tax neither :cool::eek:

[Baler]

Honestly P99 should setup a way to donate crypto currency.

[Artaenc]

Honestly P99 should setup a way to donate crypto currency.

I built a computer that cost over 10k for games and I'm playing everquest classic with it......damn nostalgia. I can mine bitcoin in the background and send it to a P99 wallet :)

https://i.imgur.com/hu36QtMh.jpg

https://i.imgur.com/ykHIb6fh.jpg

[Sibelia1]

I built a computer that cost over 10k for games and I'm playing everquest classic with it......damn nostalgia. I can mine bitcoin in the background and send it to a P99 wallet :)

https://i.imgur.com/hu36QtMh.jpg

https://i.imgur.com/ykHIb6fh.jpg

That's a sweet lookin' box, but I've got better :cool:

[Bigsham]

Man I traded so much "coins" last year and then dumped it all before it turned sour and had all these capital gains and then I was like do I tell the IRS anything and then I was like nah they're very disorganized how are they going to know I'm trading on this Taiwanese exchange and depositing stuff into a Cypriot bank that then transfers it to the First International Bank of Israel because when I fill out my taxes and they ask if I have any international bank accounts I just say no I don't because where that money eventually winds up is not technically a bank and besides anyway if you know the IRS they just send you a bill plus interest and then you go oh noes and they're like that's ok you can just pay a portion of it which winds up being less than the actual tax in the first place so if you take that tax money you should have paid and you put that into an interest-bearing account you can just wait for them to offer you a compromise and then you pay the due and still have money left over.

Anyway to recap: You don't have to pay taxes on any "bitcoins" or whatever.

You dont have any money or bitcoins idiot

[Bigsham]

Nice pc, but the wear and tear on the machine will exceed what you "Mine" so by doing it you lose money.

[Artaenc]

That's a sweet lookin' box, but I've got better :cool:
pictures or it didn't happen!

[Cen]

Man I traded so much "coins" last year and then dumped it all before it turned sour and had all these capital gains and then I was like do I tell the IRS anything and then I was like nah they're very disorganized how are they going to know I'm trading on this Taiwanese exchange and depositing stuff into a Cypriot bank that then transfers it to the First International Bank of Israel because when I fill out my taxes and they ask if I have any international bank accounts I just say no I don't because where that money eventually winds up is not technically a bank and besides anyway if you know the IRS they just send you a bill plus interest and then you go oh noes and they're like that's ok you can just pay a portion of it which winds up being less than the actual tax in the first place so if you take that tax money you should have paid and you put that into an interest-bearing account you can just wait for them to offer you a compromise and then you pay the due and still have money left over.

Anyway to recap: You don't have to pay taxes on any "bitcoins" or whatever.

lol that's like saying you got away with robbing a store so you don't actually have to pay for stuff at stores ;D

In the US now in every state, you do have to report not just the USD capital gains, but the ownership of crypto or virtual currencies ever since the tax reporting year of 2019 (of 2018)