If you have cryptocurrencies in Binance, may want to move them out...

[Gazrok]

Not sure if I mentioned it before, but Binance has since moved operations to Japan, vs. China, so no need for the Chinese worry anymore.

 

[Maverick]

Wonder how many know that cryptocurrency is considered property that must be filed with the IRS?

Few Americans reporting cryptocurrency trading to IRS for now: report
https://www.yahoo.com/news/few-amer...trading-irs-now-report-080242734--sector.html


https://klasing-associates.com/can-irs-track-bitcoin-failed-report-bitcoin-income-capital-gains/

 

[Gazrok]

kind of one of the perks of it being relatively anonymous, no?

In any case, I'm not making enough to report it anyhow...

Of course, then the converse is true....that we can write off any losses.

I imagine they could, if they wanted to devote the resources to it, get a look at any US based crypto exchange's records, but for overseas exchanges? Not so much....

 

[DrHenley]

Wonder how many know that cryptocurrency is considered property that must be filed with the IRS?

Only when you sell it at a profit because of the capital gains. If you have a loss, they could care less and probably prefer you DON'T report it. Same thing with gold or any other investment you sell at a profit.

 

[Gazrok]

Not so fast. If it's considered capital gains, then you can also write off the losses.

You may be able to deduct capital losses up to the amount of your capital gains plus $3,000 ($1,500 if married filing separately). You may be able to use capital losses that exceed this limit in future years.

Pretty sure I'm low enough though, that I'd pay 0%.