The original post: /r/cryptocurrency by /u/GabeSter on 2024-12-23 02:05:16.

The original post: /r/cryptocurrency by /u/Every_Hunt_160 on 2024-12-23 02:04:22.

The original post: /r/cryptocurrency by /u/WineMakerBg on 2024-12-23 00:33:29.

"Hopefully, SEC Commissioner Hester Peirce isn’t playing when she says she’ll reconsider in-kind redemptions for spot bitcoin ETFs."

"If Peirce can work with the incoming SEC Chair, Paul Atkins, to facilitate the approval of in-kind redemptions then the spot bitcoin ETFs can serve as some of the biggest on-ramps to Bitcoin, as Bitwise co-founder Hong Kim put it, as opposed to simply existing as speculation vehicles.

(For those who aren’t familiar with the term “in-kind redemption,” it refers to the ability to withdraw the bitcoin you’ve purchased via an ETF into your own custody. In essence, it turns a bitcoin IOU into the real thing.)"

source:

https://bitcoinmagazine.com/takes/we-need-in-kind-redemptions-for-the-spot-bitcoin-etfs

The original post: /r/cryptocurrency by /u/CryptoDaily- on 2024-12-23 00:00:58.

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The original post: /r/cryptocurrency by /u/InclineDumbbellPress on 2024-12-22 23:57:21.

The original post: /r/cryptocurrency by /u/cryptotaxcalculator on 2024-12-22 23:23:03.

A Tax Lawyer Explains The New Safe Harbour Rules in 2025

Hey it’s James from Crypto Tax Calculator here.

I’ve seen tons of questions about the new Safe Harbour rules popping up so I asked our Head of Tax to put together a bit of a guide for you to help clear everything up.

--

The IRS has introduced Rev. Proc. 2024-28, which includes safe harbor provisions to help us transition from a universal/global tax reporting method to a per-wallet method starting January 1, 2025. 

Let me break it down in simple terms so everyone can understand and prepare accordingly.

What’s Changing?

Starting January 1, 2025, the IRS wants us to report our crypto taxes on a per-wallet basis instead of lumping everything together. 

To make this switch smoother, they've provided some safe harbor rules. Think of safe harbor as a set of guidelines that, if you follow them, the IRS will consider your tax reporting to be compliant.

What crypto is affected?

• Only for Crypto Acquired Before 2025: This safe harbor applies to any digital assets (like Bitcoin, Ethereum, etc.) you bought before January 1, 2025 and still hold on that date.
• Excludes New Acquisitions: Any crypto you buy or transfer on or after January 1, 2025 won’t be covered by these rules.

What Do You Need to Do?

To qualify for the safe harbor, you need to:

1. Ensure Capital Asset Status:

   • Each crypto unit you hold must be considered a capital asset (similar to stocks or bonds).
   • The original cost basis (what you paid for it) must have been tied to a crypto unit that was a capital asset.

2. Same Type Requirement:

   • When you allocate any unused basis (leftover cost basis from selling some crypto), it must go to another crypto of the same type. For example, leftover basis from Bitcoin can only go to another Bitcoin, not Ethereum.

3. Keep Detailed Records:

   • Track how many crypto units you have in each wallet.
   • Note how much of the cost basis is left over.
   • Record the original purchase price and the date you bought each crypto unit.

How to Allocate Unused Basis?

You have two main ways to allocate your unused basis:

1. Specific Unit Allocation:

   • Assign Specific Coins: Decide exactly which leftover basis goes to which remaining crypto unit in a specific wallet.
   • Pool Allocation: Group your remaining crypto in each wallet and allocate the unused basis to the whole group.

2. Global Allocation:

   • Predefined Rules: Use a set rule to decide how to spread out the unused basis across all your wallets and crypto units.

When to Do It?

• Specific Unit Allocation: Must be done before:

  • You sell, dispose of, or transfer the same type of crypto after January 1, 2025.
  • The tax filing deadline (including extensions) for the year that includes January 1, 2025.

• Global Allocation: You need to:

  • Describe your allocation method in your records before January 1, 2025.
  • Complete the allocation by the same deadlines as specific unit allocations.

What Should You Do Next?

1. Review Your Holdings: Look at all the crypto you own before January 1, 2025.
2. Choose an Allocation Method: Decide between specific unit allocation or global allocation based on what works best for you.
3. Keep Good Records: Make sure you have detailed records of all your crypto transactions, including purchase dates, amounts, and cost basis.
4. Use Tax Software: Consider using tools like Crypto Tax Calculator to help manage and allocate your cost basis accurately.
5. Consult a Tax Professional: If you’re unsure about any steps, it’s a good idea to talk to a tax expert who’s familiar with crypto taxes.

Got questions or need help with your crypto taxes? Drop them below, and we will do our best to answer them (keep in mind that we may be slow to respond over the holiday break!).

Mods please let me know if this post isn’t appropriate – I’ve marked our account and this post as a brand affiliate which I believe is in line with the subs rules.

The original post: /r/cryptocurrency by /u/Abdeliq on 2024-12-22 22:35:48.

The original post: /r/cryptocurrency by /u/partymsl on 2024-12-22 21:57:48.

The original post: /r/cryptocurrency by /u/CragBawz on 2024-12-22 20:43:16.

The original post: /r/cryptocurrency by /u/Square_Radio on 2024-12-22 20:42:44.

The original post: /r/cryptocurrency by /u/Abysskitten on 2024-12-22 19:54:41.

The original post: /r/cryptocurrency by /u/Abysskitten on 2024-12-22 19:05:37.

The original post: /r/cryptocurrency by /u/Fritz1818 on 2024-12-22 18:37:08.

Yeah this take might be a little crazy but not as crazy as Hex holders. Let me throw some points at you:

• His token that is suppose to be better than Bitcoin/Ethereum and make you money is down -99%

-His supporters "sacrificed" a billion dollars worth of crypto to him and in return after 3 years of waiting they received a Ethereum clone fiverr made chain full of rugpulls and stablecoins that can't stable. The native token is also down by a lot.

-His blows a lot of his supporters money on himself, ugly gucci suits, watches, diamonds, cars, you name it and calls it outrage marketing so it seems like this all has a purpose for his investors.

-Even in his own paid for documentary with hex holders, theirs a guy that sold his house for 240k Hex that's worth less than 4k USD now.

And his followers are happier than pigs in shit, they love him and will defend him even as he faces charges in the US and EU for scamming them.

I have watched the last 6 years of this dude scamming his own community hand over fist and delivering false promises and the delusion have never been stronger.

I am honestly quite impressed with the guy, his greatest achievement was never crypto related. He mastered how to effectively keep a cult moving.

The original post: /r/cryptocurrency by /u/CosmicTyrannosaurus on 2024-12-22 18:34:14.

The original post: /r/cryptocurrency by /u/GabeSter on 2024-12-22 18:08:54.

The original post: /r/cryptocurrency by /u/DaRunningdead on 2024-12-22 17:19:25.

Two California men have been charged with orchestrating a series of NFT rug pulls that totaled more than $22 million bilked from buyers, the U.S. Department of Justice said in an indictment unsealed on Friday. The DOJ said the case is the largest NFT scheme it's ever prosecuted.

The original post: /r/cryptocurrency by /u/Miserable-Concern-16 on 2024-12-22 17:16:06.

It's only top-choice in my country, but - to be precocious - I just decided to check out reviews.

A lot of negativity: people complaining about frozen funds, getting "scammed" by the platform, lack of support, and requirements of KYC-2.

I got an access to support in 10min~ with 30 people in line and got a bunch of questions answered rather quickly. However, I'm not sure about frozen funds and all the other negative reviews that just say it's a scam without elaboration.

Could you guys clarify whether BitGet is legit or not?

The original post: /r/cryptocurrency by /u/Silver-Maximum9190 on 2024-12-22 16:30:21.

The original post: /r/cryptocurrency by /u/KIG45 on 2024-12-22 16:26:19.

The original post: /r/cryptocurrency by /u/hiorea on 2024-12-22 16:19:02.

The original post: /r/cryptocurrency by /u/Every_Hunt_160 on 2024-12-22 15:12:10.

The original post: /r/cryptocurrency by /u/ChemicalAnybody6229 on 2024-12-22 14:30:33.

The original post: /r/cryptocurrency by /u/hiorea on 2024-12-22 13:45:48.

The original post: /r/cryptocurrency by /u/WineMakerBg on 2024-12-22 13:43:35.

The original post: /r/cryptocurrency by /u/InclineDumbbellPress on 2024-12-22 12:30:16.