Coinbase problems

Discussion in 'Cryptocurrency Mining and Markets' started by Serhan, Jan 16, 2018.

  1. Serhan

    Serhan Member

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    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.
     
    #1
  2. archangel.dmitry

    archangel.dmitry Active Member

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    I believe, it is due IRS and anti-laundering laws.
     
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  3. amalurk

    amalurk Member

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    Try using your coinbase account to open gdax account, limits might be separate.
     
    #3
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  4. jims2321

    jims2321 Active Member

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    so much for anonymity and freedom from government oversight. Sigh, 2018 is starting to bum me out already.
     
    #4
  5. ServeTheSam

    ServeTheSam Member

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    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 .
     
    #5
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  6. jims2321

    jims2321 Active Member

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    Sadly, the government is rarely one to apply a light touch when it comes to potential sources of revenue.
     
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  7. modder man

    modder man Active Member

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    If you are wanting to be anonymous you should not be touching the coinbase platform with a 10 foot pole
     
    #7
  8. jims2321

    jims2321 Active Member

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    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.
     
    #8
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  9. Marsh

    Marsh Moderator

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    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
     
    #9
  10. archangel.dmitry

    archangel.dmitry Active Member

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    Is cryptocurrency taxed or amount of money after conversion to USD by a tax payer?
     
    #10
  11. jims2321

    jims2321 Active Member

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    #11
  12. keybored

    keybored Active Member

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    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.
     
    #12
  13. jims2321

    jims2321 Active Member

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    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.
     
    #13
  14. Serhan

    Serhan Member

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    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.
     
    #14
  15. amalurk

    amalurk Member

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    @Serhan and you made a coinbase gdax account and cannot transfer coins into their gdax system and trade there?
     
    #15
  16. Serhan

    Serhan Member

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    I am unable to see my USD wallet, hence can not move funds.
     
    #16

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