EDUCATIONALConsider Your Tax Obligations Before You Sell (self.ethtrader)submitted by It seems to me that very few people consider the tax consequences when selling your crypto, whether it is ETH, BTC or something else.In the United States, every time you sell, you are creating a taxable event.Moreover, if you sell something within a year of when you bought it, you are subject to a higher tax than if you held it.Think the IRS won't find out?Why do you think they are trying to get Coinbase to turn over their customer trade records?The rules are also different if you are truly a trader vs an investor.You can research the difference according to the IRS.You probably could act totally anonymous by taking your money off the exchange but that doesn't change your liability.It just means you are cheating on your taxes if you don't report the gain.That is a strategy I don't wish to follow.I'm not trying to rain on people's parade.I have a lot of ETH and I'm rooting for it like all of you.I'm just saying you should consider the tax consequences before you decide to hit the sell button.

And, of course, the rules are different in different countries.π Rendered by PID 11914 on app-404 at 2017-06-24 10:30:32.060772+00:00 running 3522178 country code: SG.Filing taxes the first time when you have sold or spent Bitcoins can be a confusing, sometimes daunting, experience.bitcoin abu dhabiSuddenly you aren't quite sure what goes where.bitcoin abu dhabiThis is an interesting write-up in going through this process with 2015 taxes, by the author of the Incorporating Bitcoin website.bitcoin sweatshirtA mixture of mining, trading and spending transactions were imported to create the income and capital gains reports to be imported into TurboTax.current litecoin mining rate

However, as the author discovered, the online version TurboTax does not import capital gains records (unlike their offline/CD version).This is still a peculilar situation, since it would be a useful service and one that is available from their competitors, like TaxACT.litecoin mining averageIf you are filing your taxes for the first time this year, perhaps this will provide some insights into the process.bitcoin hk atmYou can also read our three-part series on Filing your Bitcoin Taxes and our popular summary of the Ten Things to Remember when Filing Bitcoin Taxes.If you need help calculating your mining income or capital gains for Bitcoin, Ethereum or any other digial currency, then sign up with Bitcoin Taxes.It is everything you need and completely FREE for up to 100 transactions.In the United States, yes.In March of 2014, the IRS issued guidelines on how Bitcoin was to be treated.

You can read the full explanation here.If you are given Bitcoin as payment, as a miner or through other means, you are taxed on the USD value at the time of receipt.So if you received 1 BTC in March of 2017, you mark that as income of roughly $1200, regardless of the price when your report your income.In addition, Bitcoin is treated as a capital asset, which means that it’s subject to capital gains taxes.The IRS does not view Cryptocurrency as a currency today, as it’s not tied to a nation state.Ethereum, an alternative cryptocurrency to bitcoin, hit a fresh record high on Sunday, amid continued interest in the digital asset space and increased trade from Asia.On Sunday, ethereum traded at an all-time high of $250.41, according to data from industry website CoinDesk.This is up 2,839 percent from the $8.52 handle it had on January 1.Ethereum was trading at around $246.62 on Monday morning, slightly off its record high.Ether is the name of the cryptocurrency which runs on the ethereum blockchain, which is the technology that underpins the digital coin.

But ethereum is often used as shorthand for the digital currency as well.What's behind the rally?Ethereum has been designed to support so-called smart contract applications.A smart contract is a computer program that can automatically execute the terms of a contract when certain conditions are met.It's this practical use of ethereum which has excited many large corporates and investors, and led to the rally.But there are a number of other reasons supporting the price.These include: A group called the Enterprise Ethereum Alliance (EEA) was recently founded to connect large companies to technology vendors in order to work on projects using the blockchain.Companies involved in the launch include JPMorgan, Microsoft and Intel.A further 86 companies were recently added to the alliance, helping to give legitimacy to the technology.There's been a surge in initial coin offerings (ICO) which is a new way for cryptocurrency start-ups to raise money.These ICOs have been worth tens of millions of dollars and many of the companies are based on the ethereum blockchain, which means that it would utilize ether tokens, helping to boost the price.

Vitalik Buterin, the founder of Ethereum, recently met with Russian President Vladimir Putin.Industry publication The Cointelegraph reports that Putin and Buterin discussed the application of the technology in the country.Cryptocurrency experts said further regulation and government intervention could help the price of bitcoin and ethereum.South Korea driving trade Much of the trading volume in ethereum at the moment — around 38 percent — is coming from South Korea, according to industry website CryptoCompare with rising interest from other regions."All major Asian exchanges, including ours, are currently overwhelmed by the sudden growth in our client base and trading activity," Aurelien Menant, founder and CEO of Gatecoin, a regulated bitcoin and ethereum exchange based in Hong Kong, told CNBC by email."Specifically, requests for more ether trading pairs seems to be a common theme," Menant added, highlighting the growing interest for traders based in a number of countries.Key Highlights ETH price surged further higher against the US Dollar and moved above $23.10.

There are two bullish trend lines formed on the hourly chart (ETH/USD, data feed via SimpleFX), which might act as a support near $22.80.Overall, the trend is super bullish for the price, and it may test $25 in the near term.Ethereum price bullish momentum continued against the US Dollar, as ETH/USD now looks set for a move towards the $25 handle.Ethereum Price Trend The upside momentum for ETH price extended as it was above to move above $22.80 and $23.10 against the US Dollar.All the highs were broken, as it formed a new high almost every session for the past two days.In this way, there is a chance that the price may trade towards $25 in the near term.The price cleared all hurdles on the way up, and managed to settle above $22.If the current momentum stays intact, there can be more gains.On the upside, the price is currently trading near $23.70, and looking to extend gains.A push towards $24 is very likely where there can be a reaction.If the price corrects lower, there can be many supports.