CryptoGOV

06 Oct 2023 19:08

Thanks, but I'm still wondering if I should use the true date acquired or the sale date on form 8949 if reporting it as income in line with the Jarrett case. 😁

CryptoGOV

06 Oct 2023 17:21

It’s kinda up to you because the laws are so vague but if you go the route of rewards as income it could raise your income tax bracket

CryptoGOV

06 Oct 2023 16:41

Try to rewrite with chat gpt i noticed some errors

CryptoGOV

06 Oct 2023 13:18

I don't remember seeing this before.

CryptoGOV

06 Oct 2023 13:14

Good Q. I see that HUGE gap too. This gap is also in the HEX.com, PulseChain.com, & PulseX.com channels.

CryptoGOV

26 Sep 2023 04:58

I'm sure the plan is to truly ensure the RH projects/products are decentralized, including the ecosystem. There is already a strong community out there, which we R a part of.

CryptoGOV

26 Sep 2023 04:57

From a legal perspective, it changes nothing for people other than RH, regardless of the outcome

CryptoGOV

26 Sep 2023 04:55

Well that’s not exactly the purpose of this chat, but I’ll briefly explain my opinion. We can’t control what he does. All we can do is react accordingly.

CryptoGOV

26 Sep 2023 04:46

No. He can avoid being served in hopes that another administration is elected that’s more crypto friendly, but that doesn’t get rid of the law suit. In fact, it allows them to reach default judgment if he is served and never shows up, which would be bad since it bars him from publicly talking about crypto

CryptoGOV

26 Sep 2023 04:27

The obligation is on them to prove anything

CryptoGOV

26 Sep 2023 03:31

Does the community have a plan of action for pushing back against the SEC/GOV? RH tweeted about of instructions and I'm curious what the community is planning to do.

CryptoGOV

13 Sep 2023 08:45

Hello guys, can i share here a new project on pulsechain?

CryptoGOV

13 Sep 2023 02:58

you have to keep track of the cost basis and proceeds of every trade and calculate the gain or loss. That's why we use tax prep software like Koinly to help prepare at year-end

CryptoGOV

24 Aug 2023 16:41

I had to delete transactions that had the old version of their representation of a token and then re-import the wallet:

https://support.koinly.io/hc/en-us/articles/9917923407004-How-to-re-import-tokens-after-an-update

CryptoGOV

24 Aug 2023 09:29

yeah, thats what I did

CryptoGOV

06 Oct 2023 17:59

The statement you provided has some errors, and here's the corrected version along with explanations:

Original Statement: "ChatGPT (Bing) told me to use the date acquired with a 0 cost basis, i.e. treating rewards as capital gains. This would be the best and easiest for me, but I'm not sure it would fly with the IRS. It seems safer to declare rewards as income, but use the actual sale amount rather than the value when the tokens were received (like in the Jarrett vs United States case). Any input would be greatly appreciated."

Corrected Statement: "ChatGPT (Bing) suggested using the acquisition date with a 0 cost basis, essentially treating rewards as capital gains. While this might be convenient, I'm uncertain if it complies with IRS regulations. It appears safer to report rewards as income, using the actual sale amount rather than the value at the time of token receipt, similar to the approach in the Jarrett vs. United States case. I would greatly appreciate any input."

Explanation of Errors:
1. "Told me" was changed to "suggested using" to make it less absolute. ChatGPT provides information and suggestions rather than giving commands.
2. "fly with the IRS" was replaced with "complies with IRS regulations" for clarity. "Fly with" is a colloquial expression that may not be entirely clear.
3. Added "It appears" for better sentence flow and clarity.
4. Clarified the reference to the "Jarrett vs. United States" case for better understanding.
5. Minor rephrasing for smoother readability.

CryptoGOV

06 Oct 2023 17:15

ChatGPT (Bing) told me to use the date acquired with a 0 cost basis, i.e. treating rewards as capital gains. This would be the best and easiest for me, but I'm not sure it would fly with the IRS. It seems safer to declare rewards as income, but use the actual sale amount rather than the value when the tokens were received (like in the Jarrett vs United States case). Any input would be greatly appreciated.

CryptoGOV

06 Oct 2023 16:33

For staking rewards or for rewards earned as a validator, if one would choose to pay taxes on the value of the tokens when they are sold rather than the value of the tokens when they were received, like in the Jarrett v. United States case, what date would you put on form 8949 on the tax return as ‘date acquired’? The date you actually received the tokens or the date that you sold them? I’m asking because if you I use the true date acquired, the entered sales price will be different than it actually was on that date, which maybe would look weird if someone checks. And if I put the date I sold them, then the date acquired and sold will be the same, and not reflect the true date acquired.

CryptoGOV

06 Oct 2023 13:17

All rh channels are deleted after 24 hours but not before the setting was enabled

CryptoGOV

06 Oct 2023 11:51

Whay happened to all the messages after August 24?

CryptoGOV

26 Sep 2023 04:57

It is purely a financial risk to keep in mind

CryptoGOV

26 Sep 2023 04:56

cool so it's pretty much ogre then is what that sounds like lol

CryptoGOV

26 Sep 2023 04:50

Ok so what can be done at this point to salvage the projects image? If RH abandons it the confidence game collapses with him..

CryptoGOV

26 Sep 2023 04:28

So in theory RH can just wait them out??

CryptoGOV

26 Sep 2023 04:22

So what heck is the plan to deal with the SEC? Nothing??

CryptoGOV

13 Sep 2023 08:47

That's not what this group is for.

CryptoGOV

13 Sep 2023 02:58

its a lot of work and every trade is a potential tax event

CryptoGOV

13 Sep 2023 02:50

Hello @Hexi2022 can i spread a word of a new token on pulsechain?

CryptoGOV

24 Aug 2023 09:30

Make sure to use the support and forums

CryptoGOV

24 Aug 2023 09:21

Check their forums I’m not sure where I saw it but with pulsechain you might have to do a few tweeks