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After trying to attempt this support area we started seeing a nice uptrend. This resistance area marks a critical resistance target. If we close above , we can expect The infamous "Then they fight you" phase started! Merry Christmas. BTC is facing resistance along the 0.
Bitcoin hitting top bolinger on 15 min. Also resistance level with many highs on 4hr. Take most of profits here. Most likely will decline back to 35 ema. There is no correction at this moment! I'm waiting that price can continue uptrend. We can open long position as soon as BTC will break nearest resistance. Next resistance Videos only. Will History Repeat itself? Remember you heard it here first!
Breakout Imminent!!! Bitcoin potential breakout from triangle. Wyckoff Distribution says Bitcoin will go down,don't get trapped. Update on previous idea. The facts are in the chart! Bitcoin reached nearest resistance Purchasing cryptocurrency with cash and holding on to it isn't a taxable transaction, but selling, exchanging, or using it to purchase goods and services is. That's a level of record keeping that few taxpayers are willing to keep up with - if they're aware of the requirement at all.
However, the IRS estimates that only a tiny percentage of them report crypto-related gains and losses on their tax returns. In , the IRS searched its database for the through tax years. It found:. That discrepancy is why the IRS is making cryptocurrency taxes an enforcement priority in In fact, Form for the tax year includes a question about cryptocurrency on the front page. It asks whether you've received, sold, sent, exchanged or otherwise acquired a financial interest in any virtual currency.
If you check "no" to this question when you did, in fact, engage in cryptocurrency transactions, the IRS can consider that a willful attempt to avoid taxes, and you could face harsher penalties if the IRS uncovers your omission. The IRS taxes Bitcoin as an investment.
That means it's subject to the same tax rate of capital gains and losses that other financial assets are subject to when you sell any holdings in it, realizing a profit or loss. When you sell stocks, at the end of the year, your broker will send you a Form B that includes all of the necessary information to report those sales on your tax return. But don't expect the same service from a cryptocurrency exchange.
However, you can typically generate reports through your cryptocurrency exchange platform that will include all buys, sells, sends, and receipts of cryptocurrency from the account. If all of your cryptocurrency transactions take place on one exchange, gathering the information you need for tax reporting should be relatively easy. If your cryptocurrencies are scattered across several exchanges, you'll need to download separate reports from each of them.
Once you have all of the information on your cryptocurrency activity during the year, you need to determine whether you incurred a gain or loss on each transaction. To do this, you'll need to decide which method you'll use to value the cryptocurrencies you sell. Your options are:. The method you choose can greatly impact the amount of taxes you end up owing in a particular year. Using the specific identification method, you could decide that the four coins sold in February of came from the lot purchased in June of However, these reports are typically only provided on the FIFO method, so you won't be able to benefit from using the specific identification method if you rely on them.
Capital gain transactions are reported on IRS Form The form is divided into two sections:. Include your totals from Form If you sold other non-crypto investments, report those on a separate Form You might have figured that investing in Bitcoin could have tax implications, especially if you make a profit on it.
But it might surprise you to know that just spending your Bitcoin could trigger that taxable profit.