Some very good tips for tax purpose from Robinhood app. Remember tax is due on April 15th 2019 for US resident. For Bitcoin and cryptos related transactions to fiat like USD, chances are you will get a tax summary letter of your transactions if it reach certain threshold like for coinbase and gemini $20k or so as absolute value, meaning even if you don’t profit but the amount you move in out back forth don’t matter if it add up to $20k+ you’re it, being reported to IRS or flagged. Sometime it’s not the amount of USD you transact but rather how many times you make trade transactions as well getting flagged, even you have $100 and tried to trade 20 times or more you’re it also.
Tax is not fun you get caught cheating, once caught, IRS will be after you for life, they will keep monitoring you and charge you daily for interest and penalties and garness your income, empty your bank, take your pay check directly from your employers. So maybe it’s time to totally use Bitcoin and cryptos to live?
On Friday, February 15, 2019, 10:11:48 PM EST, Robinhood [email protected] wrote:
Tax Season 2019 Update
With tax season just around the corner, we’re sure you’re eagerly awaiting all sorts of documentation and forms. Well, you don’t need to wait on us! You will not be receiving any tax documents for your 2018 trading activity from Robinhood.
There could be several reasons why you won’t receive a tax document this year, even though you may have had activity in your account, including:
You bought, but didn’t sell equities or options in 2018
Proceeds from dividends didn’t exceed $10
The value of referral stock grants you received didn’t exceed $600
For more information on taxes check out our Help Center.
The Robinhood Team
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