new rules apply to tax evasion. Overall, despite my Bitfinex liquidation, I'm still doing better with my investments than I would have if I had stayed in index funds. But then when I moved from New York to New Zealand later that year, I needed cash. As with any tax-related question or concern, more information is better than less information. I figured people would listen to the story and say, "Jeez, what an idiot". . And honestly, I wouldn't blame you if you think that. Then, right before Christmas, disaster struck (as you can hear me relate to Katie in the attached podcast). Unlike sales of stocks or bonds, where youre likely to receive a 1099 from your bank or brokerage, its up to you to report gains or losses to the IRS yourself. And in those heady days, Bitcoin was making 1000 gains every other day.
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I was paying thousands of dollars a day in interest, but for each US1000 rise in Bitcoin's value, I was making about half a million dollars. Finally, if youre donating over 500 in cryptocurrency value to a charity, its important to make sure to document your donation as though you were documenting any other gift of property. What this means: If you arent withdrawing, selling, or trading any funds, then there is no need to declare your cryptocurrency as part of your tax return. Superfad group on Facebook and look out for behind-the-scenes extras in a weekly Facebook Live discussion every Monday. And it was just such a rush, turning an investment of around 70,000 into almost 3 million by placing leveraged bets on two cryptocurrencies called EOS and Iota in a few weeks during November and December. If you mine for bitcoin, its also important to note that the IRS views this activity as employment, with the profits taxable as self-employment income.
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