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Rentmen only taking Bitcoin?

Aaron_Bauder

By Aaron_Bauder
in Questions About Hiring

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Aaron_Bauder Community Regular

Aaron_Bauder

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I think once you've fucked up your credit card with them (like had a chargeback or something) they revert to only accepting bitcoin. The fear being that too many chargebacks would cause the credit card companies to stop accepting charges from the site.

 

Kevin Slater

 

Odd. There's tens thousands of dollars in my bank account, via the debit card that was connected to that RM account. So I don't know why there would have been a chargeback. But okay lol

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lonely_john Veteran

lonely_john

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Send the webmaster a message about it. They usually are pretty good at helping out with any issues.

I know that when I opened my client account I had to submit IDs to verify the payment was made with my card and that if I didn't send those credentials my account would be canceled ?

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coriolis888 Grand Master

coriolis888

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I think once you've fucked up your credit card with them (like had a chargeback or something) they revert to only accepting bitcoin. The fear being that too many chargebacks would cause the credit card companies to stop accepting charges from the site.

 

Kevin Slater

 

 

Uh, oh!

 

There is a new question that IRS asks on tax returns filed for 2020 in connections with cryptocurrency or virtual currency.

 

https://www.cointracker.io/blog/irs-clarifies-cryptocurrency-question-on-form-1040

 

Buying this alternate cash can have some heavy-duty tax consequences.

 

And, if you bought cryptocurrency in the past or in 2020, be sure to answer "yes" to the question asked on page 1 of Form 1040 for 2020 and later years unless the IRS removes the requirement for disclosure.

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rvwnsd Grand Master

rvwnsd

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Odd. There's tens thousands of dollars in my bank account, via the debit card that was connected to that RM account. So I don't know why there would have been a chargeback. But okay lol

The term "chargeback" refers to a transaction that was disputed by the cardholder (you). The card issuer (your bank) issues a refund to you and charges the merchant (i.e. "charges back") for the amount of the purchase.

 

RM will also cease to accept a credit card from a customer when the card issuer has declined a transaction for being potentially fraudulent. That occurs when the issuer's fraud detection process flags a transaction (typically an international transaction) as being suspicious. It is a fairly common occurrence.

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CalTec Collaborator

CalTec

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Uh, oh!

 

There is a new question that IRS asks on tax returns filed for 2020 in connections with cryptocurrency or virtual currency.

 

https://www.cointracker.io/blog/irs-clarifies-cryptocurrency-question-on-form-1040

 

Buying this alternate cash can have some heavy-duty tax consequences.

 

And, if you bought cryptocurrency in the past or in 2020, be sure to answer "yes" to the question asked on page 1 of Form 1040 for 2020 and later years unless the IRS removes the requirement for disclosure.

 

 

Going to go ahead and disagree with you. That article, last paragraph says it all. With LN and fast finality with retail purchases becoming more and more prevalent, small purchases being taxed and monitored by the IRS is highly unlikely. They're going to be after people who are laundering with NFT's, trading heavily and withdrawing via off-ramps. This article is fear mongering. But DYOR, just don't base your decision to use crypto on cointracker...?

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coriolis888 Grand Master

coriolis888

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Going to go ahead and disagree with you. That article, last paragraph says it all. With LN and fast finality with retail purchases becoming more and more prevalent, small purchases being taxed and monitored by the IRS is highly unlikely. They're going to be after people who are laundering with NFT's, trading heavily and withdrawing via off-ramps. This article is fear mongering. But DYOR, just don't base your decision to use crypto on cointracker...?

 

 

You are braver than I and probably most other people on this forum.

 

I would never intentionally file a false or incomplete income tax return.

 

A question on the 2020 federal income tax return form specifically asks:

 

“At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

 

To ignore the question or answer the question falsely could lead to a lot of IRS problems.

 

https://www.cnbc.com/2021/02/24/failure-to-report-crypto-on-tax-returns-can-lead-to-trouble-with-irs.html

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CalTec Collaborator

CalTec

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Perhaps you should consult your tax professional (note the word professional) with crypto experience as I have in both Canada and the US before leading people down the path of misinformation. CNBC and cointracker....seriously? So sad...

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coriolis888 Grand Master

coriolis888

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Perhaps you should consult your tax professional (note the word professional) with crypto experience as I have in both Canada and the US before leading people down the path of misinformation. CNBC and cointracker....seriously? So sad...

 

 

You are funny.

 

Since you do not like the journalist's interpretations of the cryptocurrency law, below is a link to the Internal Revenue Service and their interpretation of the law.

 

https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies

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CalTec Collaborator

CalTec

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Further to that, the Brave browser that distributes BAT or basic attention token for using said service is also technically receiving crypto. Brave claims to have over 20 million active users and 7 million daily active users. Many grandma's and those too young to understand taxes will be using this browser, earning BAT. Should they also file a 1040 if they spend time using Brave? How about DOGE? Kids buying and selling without knowing wtf they're even doing? IRS coming after them as well, based on your stance on this?

 

I suggest you educate yourself on the current state of the industry before posting this garbage. Yes, regulations will be coming, especially once DOGE collapses and retail investors lose their shirts. But it's highly unlikely that regular people will be burned for buying a coffee over LN.

 

Once again, my suggestion: EDUCATE YOURSELF and consult a competent and experienced tax professional.

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coriolis888 Grand Master

coriolis888

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Further to that, the Brave browser that distributes BAT or basic attention token for using said service is also technically receiving crypto. Brave claims to have over 20 million active users and 7 million daily active users. Many grandma's and those too young to understand taxes will be using this browser, earning BAT. Should they also file a 1040 if they spend time using Brave? How about DOGE? Kids buying and selling without knowing wtf they're even doing? IRS coming after them as well, based on your stance on this?

 

I suggest you educate yourself on the current state of the industry before posting this garbage. Yes, regulations will be coming, especially once DOGE collapses and retail investors lose their shirts. But it's highly unlikely that regular people will be burned for buying a coffee over LN.

 

Once again, my suggestion: EDUCATE YOURSELF and consult a competent and experienced tax professional

 

 

 

Does it make you feel good to attack someone on an anonymous internet site with your nonsense?

 

Your denigration of a rule from the Internal Revenue Service speaks volumes about you and for your lack of knowledge and civility.

 

I provided citations to you of the writings of two knowledgeable business journalists and a link to the Internal Revenue Service where it confirms that you are wrong.

 

Despite confirmation that you are wrong, you throw out foolish insults and refuse to accept reality.

 

 

 

 

 

 

 

Edited by coriolis888
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CalTec Collaborator

CalTec

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So unhappy, let me tell you ??

 

People like you remind me and others who live and breathe the field of crypto (no-coiners will call it "virtual currency") that we are still ridiculously early and there is still lots and lots of money to be made. You're best off on the sidelines with RobinHood and the generous 0.03% your bank gives you. It doesnt require learning much.

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  • 7 months later...
glutes Grand Master

+ glutes

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And now there is Maricoin the world’s first LGBT+ cryptocurrency!

THE first LGBT+ cryptocurrency launched Friday, and its creators are hoping to start trading early this year. 

The founders of Maricoin said they want the coin to be a means of payment at LGBT-friendly businesses and events, as have an aim of "changing the world." 

Meanwhile, Bitcoin is still below $50,000, which indicates that traders are not aggressively buying it.

https://www.the-sun.com/money/4370697/cryptocurrency-price-live-maricoin-launches-bitcoin/

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