Coinbase problems

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Serhan

Member
Sep 22, 2017
89
27
18
Coinbase has requested id verification and does not allow any trade for the last three hours. I am simply watching all digial currencies go down, unable to do anything.
 

jims2321

Active Member
Jul 7, 2013
184
44
28
so much for anonymity and freedom from government oversight. Sigh, 2018 is starting to bum me out already.
 

ServeTheSam

Member
Dec 10, 2017
38
14
8
so much for anonymity and freedom from government oversight. Sigh, 2018 is starting to bum me out already.
If a little oversight of scam ICOs and crapcoins leads to wider adoption of legit crypto and further decentralizes transfers perhaps into micro-exchanges along with P2P swaps and business adoption then I’m all for it. I currently view recent news ramblings as a net positive - both for crypto overall and particularly for privacy coins e.g. AEON.

Two problems:
1. A little oversight seldom limits itself at “little.”
2. I’ve been wrong before .
 
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Reactions: Joel and jims2321

jims2321

Active Member
Jul 7, 2013
184
44
28
Sadly, the government is rarely one to apply a light touch when it comes to potential sources of revenue.
 

jims2321

Active Member
Jul 7, 2013
184
44
28
It does not matter where you go with your coins, the conversion to fiat currency stop is going to be visible and regulated or will be regulated by governments. It will not matter either when we go to wallet to wallet payments, the government will find a way to monitor and in the end tax it. They always do.
 

Marsh

Moderator
May 12, 2013
2,644
1,496
113
I am not a CPA , please do not take my advice without researching.

This info is base on 2017 earlier tax laws , 2018 new tax law make a bit different or better or worse for some people.

There is a 0% long term capital gain tax bracket , making passive income much more appealing than earned-income
IRS claasified crytpo mining profit is subject to capital gain tax law.

Summary ,
for married couple , start paying 15% captial gain tax after income exceeded $73,800 + deduction ( approx ~93K ),
below ~ 93K capital gain tax is 0%

for single , 0% capital gain tax bracket is up to $36,900 + deduction

0-percent-long-term-capital-gains.png Graphics_Tax-Bracket-Married.png Graphics_Tax-Bracket-Married.png 0-percent-long-term-capital-gains.png Graphics_Tax-Bracket-Married.png

Read about here
Mechanics Of The 0% Long-Term Capital Gains Rate
 

keybored

Active Member
May 28, 2016
280
66
28
Not a CPA either, but the way I understand the rules (https://forums.servethehome.com/index.php?threads/death-and-taxes.17728/) is that you'll have to pay taxes twice if you're mining. Mining income is subject to self employment tax. So, you should be paying self employment taxes on the net amount of crypto you mined converted to USD on the day you received the payment. Then if/when you sell, you'll be subject to ordinary income or capital gains taxes, assuming asset appreciation occurred.
 

jims2321

Active Member
Jul 7, 2013
184
44
28
Not a CPA either, but the way I understand the rules (https://forums.servethehome.com/index.php?threads/death-and-taxes.17728/) is that you'll have to pay taxes twice if you're mining. Mining income is subject to self employment tax. So, you should be paying self employment taxes on the net amount of crypto you mined converted to USD on the day you received the payment. Then if/when you sell, you'll be subject to ordinary income or capital gains taxes, assuming asset appreciation occurred.

It depends if mining is a hobby or an ongoing business. If its a business, then forming a corporation is the smart way to passthru the profits and not get dinged twice, if I remember what my accountant told me.
 

Serhan

Member
Sep 22, 2017
89
27
18
Thank you for all the post to this tread. I am still unable to buy or sell at coinbase from the wallet within coinbase. I am concerned that the have major issues as this is going over a week now. Does anyone know if they have a phone number to raise complaints as they clearly do not react to emails.