Australian Tax Agency Seeks Public Input Concerning Cryptocurrency Taxes (news.bitcoin.com)

The Australian Taxation Office (ATO) has been researching how to formulate regulatory guidelines for taxing cryptocurrencies recently. This week the ATO is seeking input from Australian residents concerning how the country should tax digital assets.
Also read: South Korean Exchange Paying Users to Report Illegal Crypto Schemes

Bitcoin

Hi /r/Bitcoin! I quit my job to start Cointaxes to answer questions about taxes and digital currencies so you can have confidence even if you’re not a HODLer! Sharing our first comprehensive article on the Coinbase & Gemini 1099-K. Would love your input on ANY other topics or questions! :)

Hi /r/Bitcoin! Thank you for reading this.

I felt the world of digital currencies is a bit too uncertain, so I want to do what I can to create more confidence and certainty! Please let me know if you have any questions or comments (I'll probably respond to every comment here!)

Check out our first comprehensive article on the Coinbase / Gemini 1099-K

Some "fun" facts you may not know about digital currency taxes

Here's two quick "fun" facts you may not know. We will be posting in-depth articles on these, too. Consider subscribing to our newsletter to hear first when they've been published!

  • Non-deductible personal loss: You should never exchange your digital currency directly for ANY goods or services. If you happen to have a loss on that trade, it will be non-deductable as capital gains losses ONLY apply to "investment" not "personal use" activity. You can read more about this on Forbes, Time and the IRS website.

  • FBAR requirements: This isn't explicitly tax related, actually, but a LOT of my US friends do not know about this important filing. If you ever on a single day, even, held $ 10,000 USD worth of value overseas (Binance, for example), you must meet your FBAR online filing requirements. The penalties can be severe for failure to disclose. The deadline is April 15, but it will be extended to October 15 if you fail to file on time. You can read more about this on official government sites General FBAR information, FBAR FAQS (not super helpful IMO) and the online form itself.

About Cointaxes

Cointaxes was formed and funded with the mission to establish confidence and certainty around cryptocurrency.

We see global adoption of digital currencies as an inevitability. The uncertainty lies in how effectively and smoothly this once-in-a-lifetime shift occurs. As a tax preparation service, we have a special seat in the cryptocurrency ecosystem directly related to this uncertainty: it is our job to help both citizens and governments around the world understand how to use and treat digital currencies.

  • We will regularly invite regulators, lawyers and tax experts to private discussions and public webinars to ensure you will have a firm understanding with each regulatory shift as the world adopts cryptocurrencies.

  • We will conduct proprietary research and publish Cointaxes Guides to answer questions you may have about using your digital currency.

  • We will provide high quality cryptocurrency tax preparation software for individuals and tax professionals.

If our mission excites you

  • Please know that we are hiring. Contact jobs@cointaxes.com with a resume and cover letter.

  • If you're are regulator or a crypto-experienced legal or tax professional, please contact experts@cointaxes.com with some background information and reason for connecting.

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Disclaimers

Important Disclaimers: This is NOT tax advice and should NOT be relied upon for making any tax decisions. We always recommend speaking to a tax professional before making decisions related to your taxes and our guides are not a substitute for tax advice. While I have assembled and provided this information to the best of its knowledge, I make no representations or warranties as to the accuracy or timeliness of the information contained herein. You can read the full disclaimers here.

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Bitcoin – The Currency of the Internet

Miners from 15 Countries to Give Input for Russian Cryptocurrency Bill (news.bitcoin.com)

Cryptocurrency miners from 15 countries have confirmed that they will be showing Russian parliamentarians how cryptocurrencies are mined and discussing their countries’ specific approaches to mining regulation. After the meeting, the Russian government plans to draw up recommendations and proposals for crypto legislation, which will be submitted on December 28.
Also read: 

Bitcoin

Transaction Input – previous hash size?

I am reading the bitcoin developer reference and having a look on the transaction input structure. If you have a look here https://bitcoin.org/en/developer-reference#raw-transaction-format it says that the previous output has 36 bytes. I am confused, because I read also the ‘Mastering Bitcoin Book’ and this wiki page (https://en.bitcoin.it/wiki/Transaction) and they state that the size is 32 bytes.

Is this a mistake in the reference or is it something new which did not propagate to the other sites? Would be nice if someone could clear that up for me 🙂

Recent Questions – Bitcoin Stack Exchange

How do I get the addresses of input transactions using bitcoin-cli?

I noticed that the bitcoin-cli getrawtransaction does not show the addresses of input transactions. For example, I execute the following command.

bitcoin-cli getrawtransaction eb9f2d61771d923d5d2945cc7a9560ef8a9dd12767f9571c24a2c132423622cb 1 

Then I get this response (only relevant portion shown). Note that the output transaction addresses are shown and the input transactions have no addresses.

"vin": [     {       "txid": "3bd41515babcf549572b108f69a642e4097d9f3773024a8ebfca9dca67501187",       "vout": 0,       "scriptSig": {         "asm": "3045022100c70eaecfb833321be10160261bfb3e7b8fe48f648008c61575f1319839498a390220275e8cbfa611dc510b8631bb674841514e4feceb0283ddd245411fe396600da1[ALL] 04ced626a3cb9ec7239bd395e8b25758a5ce724b1b50534ebcbb12bade2ac2be1b2b7b96f24070cdbb3b51147a74bd734b19b9c9c53632a505fe5d15293e545c2e",         "hex": "483045022100c70eaecfb833321be10160261bfb3e7b8fe48f648008c61575f1319839498a390220275e8cbfa611dc510b8631bb674841514e4feceb0283ddd245411fe396600da1014104ced626a3cb9ec7239bd395e8b25758a5ce724b1b50534ebcbb12bade2ac2be1b2b7b96f24070cdbb3b51147a74bd734b19b9c9c53632a505fe5d15293e545c2e"       },       "sequence": 4294967295     },      {       "txid": "d3669ecb95245d57d582e532fa1611f85e619a71b04f1bac6c2f0d0138ecb571",       "vout": 0,       "scriptSig": {         "asm": "3046022100d5d7e7aca45ddc0516839163f8dda221dfa3a98e03966e15eaf6a39dd47a4549022100dabb158eb016194ba5645e45d2666a67219f8cc05ae616fa2b55f1fbcac0ee95[ALL] 042d403310f0a8595944c46c062f658c8ef044d9e83c82cb7ca882d9b7c7ac94d144096e7b4894898ec37e6086601166a1a5da21a72da342d8db45155915cee32a",         "hex": "493046022100d5d7e7aca45ddc0516839163f8dda221dfa3a98e03966e15eaf6a39dd47a4549022100dabb158eb016194ba5645e45d2666a67219f8cc05ae616fa2b55f1fbcac0ee950141042d403310f0a8595944c46c062f658c8ef044d9e83c82cb7ca882d9b7c7ac94d144096e7b4894898ec37e6086601166a1a5da21a72da342d8db45155915cee32a"       },       "sequence": 4294967295     }   ],   "vout": [     {       "value": 0.01582061,       "n": 0,       "scriptPubKey": {         "asm": "OP_DUP OP_HASH160 9748c285af98f565b89fe8504c6e59f9bea1d6e2 OP_EQUALVERIFY OP_CHECKSIG",         "hex": "76a9149748c285af98f565b89fe8504c6e59f9bea1d6e288ac",         "reqSigs": 1,         "type": "pubkeyhash",         "addresses": [           "1EnvCQkn3NtZnEvCGiqmdqVS9kJTSMoKmL"         ]       }     },      {       "value": 0.01000000,       "n": 1,       "scriptPubKey": {         "asm": "OP_DUP OP_HASH160 95d00f0976e0858e84de0f13cddfe0b37787f071 OP_EQUALVERIFY OP_CHECKSIG",         "hex": "76a91495d00f0976e0858e84de0f13cddfe0b37787f07188ac",         "reqSigs": 1,         "type": "pubkeyhash",         "addresses": [           "1Ef8vkvY9Es6mZ6N9eXfUC7R1E5LQpPDSX"         ]       }     }   ] 

I can call getrawtransaction again on the 2 input transaction ids.

  • 3bd41515babcf549572b108f69a642e4097d9f3773024a8ebfca9dca67501187
  • d3669ecb95245d57d582e532fa1611f85e619a71b04f1bac6c2f0d0138ecb571

The result for the first, 3bd41515babcf549572b108f69a642e4097d9f3773024a8ebfca9dca67501187, is as follows (only relevant portion shown).

  "vout": [     {       "value": 0.01582060,       "n": 0,       "scriptPubKey": {         "asm": "OP_DUP OP_HASH160 0eecd17bdc3ba83af0550fcffacf69d40a95ea21 OP_EQUALVERIFY OP_CHECKSIG",         "hex": "76a9140eecd17bdc3ba83af0550fcffacf69d40a95ea2188ac",         "reqSigs": 1,         "type": "pubkeyhash",         "addresses": [           "12MvA7Lj3smCkr2xahayQcDhaY2q8cZYqM"         ]       }     },      {       "value": 0.02000000,       "n": 1,       "scriptPubKey": {         "asm": "OP_DUP OP_HASH160 70ae216a65d1e6796867be5196135e0f0767cc58 OP_EQUALVERIFY OP_CHECKSIG",         "hex": "76a91470ae216a65d1e6796867be5196135e0f0767cc5888ac",         "reqSigs": 1,         "type": "pubkeyhash",         "addresses": [           "1BGoHHcBXajAG4R44G3gER15wZTKrx9GTE"         ]       }     }   ] 

Note that there are 2 output addresses.

  • 12MvA7Lj3smCkr2xahayQcDhaY2q8cZYqM
  • 1BGoHHcBXajAG4R44G3gER15wZTKrx9GTE

How do I know which of these 2 output addresses from 3bd41515babcf549572b108f69a642e4097d9f3773024a8ebfca9dca67501187 is associated/corresponds to the first input transactions of eb9f2d61771d923d5d2945cc7a9560ef8a9dd12767f9571c24a2c132423622cb?

Are there methods on bitcoin-cli to help figure this problem out?

This is the transaction under consideration: https://blockchain.info/tx/eb9f2d61771d923d5d2945cc7a9560ef8a9dd12767f9571c24a2c132423622cb

Somehow, it is able to tell which wallet addresses is responsible from the upstream transaction.

For example, they are able to figure out that 12MvA7Lj3smCkr2xahayQcDhaY2q8cZYqM and 1FDWnFksXHFh9roq4oNyeXSpyRaJgGE46x are the associated addresses for the input transactions.

Recent Questions – Bitcoin Stack Exchange

“Frankly, the fact that such a diverse group of individuals can debate and discuss numerous technical options before working together to come to consensus is a far superior outcome for those who traditionally have no input into the decisions of the monetary authorities.”

"Frankly, the fact that such a diverse group of individuals can debate and discuss numerous technical options before working together to come to consensus is a far superior outcome for those who traditionally have no input into the decisions of the monetary authorities." submitted by /u/nbie
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Bitcoin

Electrum Transaction Preview Questions (Input & Output)

When previewing a transaction on Electrum, we are given two pieces of information that I cannot find any information on. There is a bit listing “Inputs”, and one listing “Outputs”. The public key of the address being sent money is in the Outputs. Then there is an unfamiliar address in the input, and output section.

Can someone tell me what these are? Are they Electrum’s own addresses from which they make the transactions?

Recent Questions – Bitcoin Stack Exchange

Calculating Z value in a tx with 1 input and 2 outputs

After reading this: ECDSA Signature and the "z" value

I’m still confused about the ‘Z’ value, for this transaction: https://blockchain.info/tx/ea6aa5d49b8e351e307bf9220f2d7cd31d41e640683539e00580e17cb4cf3e36?show_adv=true

the signature is in the input script, and uses the output script of it’s source transaction when calculating the message hash. So the nr of outputs to the transaction does not matter, they are always hashed unmodified into the messagehash for each input. – Willem Hengeveld

I find the above quote confusing, sorry!

This is what I hashed: 01000000 01 e3dbc4fada0034ad8581cb429af4953d7d092b137ebd9e193344db376314ab65000000001976a9147e7fe35e49f0e8a920780c00d40b7171d880811988ac1976a914942920e041353162b0d8bd006d09c2ca25cdc27888acffffffff 02 1004df02000000001976a9147e7fe35e49f0e8a920780c00d40b7171d880811988ac c05f3b04000000001976a914942920e041353162b0d8bd006d09c2ca25cdc27888ac 00000000 01000000

And got this:

0x76041b6949563e76d77012f9723bec3c7a1a21fd84c74bb58df47087cef056d7

Is it correct? Is there a way to verify it?

Recent Questions – Bitcoin Stack Exchange