
Coinbase to Send Data from 13,000 Users to the IRS - uptown
http://fortune.com/2018/02/26/coinbase-irs-user-data/
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sharemywin
Carrying Gains and Losses Forward

If capital losses exceed capital gains, the filer is entitled to claim a
deduction against the loss in the amount of $3,000 or the total net loss,
whichever is less. When a net capital loss exceeds the $3,000 limit, it can be
carried forward to future years.

In the following year, the loss carried forward would first be used to offset
potential capital gains. If capital losses still exceed capital gains, the
filer can claim up to $3,000 as a loss and continue doing so year over year
until the net loss amount is reduced to zero.

Capital gains, however, cannot be carried forward. Once an asset is sold for
more than its original purchase price and a gain is realized, the gain must be
declared in full on that year's taxes. For this reason, those looking to sell
off assets should do so strategically to minimize any potential tax burden
that might ensue.

[https://www.fidelity.com/mymoney/how-do-capital-gains-and-
lo...](https://www.fidelity.com/mymoney/how-do-capital-gains-and-losses-carry-
over)

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kerng
This seems relevant if you sell crypto on Coinbase/GDAX. Selling (even if you
buy some other crypto right away/trade) is the taxable event and it's just
normal to pay taxes on that in the USA. Aren't financial institutions required
anyway to send that info (especially above 10K) to the IRS? What makes this
special? Or is there something else I'm missing? What if someone parks cash in
USD at Coinbase. Does Coinbase pay you interest? If so, again taxable and
coinbase should send a 1099. Would all seem pretty straight forward...

