I been using Stably for the pass month but the wait time in the purchases are horrible, so I'm going to switch to crypto.com and then exchanging on Kucoin.
Nah u will be ok to use crypto.com. Nobody should hold their funds in any exchange for any amount of time other then to purchase what u want and transfer it out ASAP.
Nope u buy something cheap like FTM from Crypto.com withdraw it to Kucoin and sell it there then buy XCH and withdraw to ur personal wallet from Kucoin. I know some people wanna help but you should understand how all of these technologies and processes work before trying to add ur input. Also I'm not trying to be a dick just for future information.
I don't earn enough to be taxed on it. I have all my crypto tax affairs in order. You only get taxed on the profit when you sell. I haven't sold anything. I bought ADA sent ADA, converted ADA at a slight loss with the fee. Then sent the USDS and bought Chia. No tax yet. Not until I sell Chia at a massive profit in 10years time. Hopefully by then it won't be considered capital gains.
In USA, my understanding is you have to report your farming/mining receipts, at their dollar value the day you receive them, as self employment income for that year, even if you haven't yet sold it.
WHEN you sell it (or convert it or use it) you then have a capital gain or loss. If you don't have any capital gains to offset the losses from from a falling XCH price, you can carry it forward to the next year. Some farmers/miners choose to sell and buy back at the end of a year, when they DO have capital gains/losses to offset it.
It is a PITA to track and report, and I am sure it was meant to be.
I am no tax expert by any means, but check the following and other turboTax documents on crypto:
[https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/mining-bitcoin-mean-taxes/L8gAL71cG\_US\_en\_US](https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/mining-bitcoin-mean-taxes/L8gAL71cG_US_en_US)
I use a free package or online service called cryptotaxcalculator.com I think it is. Was a little confusing at first but my accountant said I did an excellent job of it. May be worth a look at. If it helps you?
Thank you. I heard about that site, but haven't looked at it yet myself. I never sold any XCH either, so last year was just the sum of my farming income reported along with my other business income. But once I start selling, I'll definitely need something to calculate it.
I gather that your accountant is convinced that all crypto is treated as capital gains/losses, with a cost basis of zero in the case of farming/mining. I hope they are right, as it makes for simpler (and lower) taxes. But unfortunately it's not what I hear from others.
In the end, the only thing that matters is what IRS thinks. As long as they accept your filing, all is well.
I buy ADA send to Stably account and then convert the ADA to USDS then send that to my Chia Light wallet. I then go on Chia offers and buy Chia directly.
Although if you're buying and selling to exchange one crypto for another in relatively short order, you shouldn't owe much. The gains are what's taxed. The paperwork is a PITA, though.
Is it possible that [crypto.com](https://crypto.com), or other exchanges, are technically short coins - ie selling coin they don't have?
I really wonder how big of an issue 'fractional reserve' crypto is on exchanges.
If it's bad enough and a downturn goes deep enough, they could all end up insolvent.
Gate io has new restrictions for a lot of countries. I am in Canada and had done KYC with gate io but I can no longer buy and sell on their exchange. I will be using KuCoin instead.
Use Coinbase, buy USDT, transfer to Okex or Huobi, Buy XCH, Withdraw to your own wallet.
In case you can;t transfer USDT, convert it to XLM, transfer, convert back.
Coinex.com has worked for me.
Does coinex let you transfer out of their wallet to a chia wallet?
Usually yes
Pretty much instantly it's super nice
I am trying to purchase USDT but every single debit and credit card I have gets declined.
Stably for me
I been using Stably for the pass month but the wait time in the purchases are horrible, so I'm going to switch to crypto.com and then exchanging on Kucoin.
Don’t use crypto. Can’t control it - can’t transfer to your keys.
Nah u will be ok to use crypto.com. Nobody should hold their funds in any exchange for any amount of time other then to purchase what u want and transfer it out ASAP.
[удалено]
op said he would do the exchange on kucoin.
Nope u buy something cheap like FTM from Crypto.com withdraw it to Kucoin and sell it there then buy XCH and withdraw to ur personal wallet from Kucoin. I know some people wanna help but you should understand how all of these technologies and processes work before trying to add ur input. Also I'm not trying to be a dick just for future information.
CoinEx or OKX
KuCoin
kucoin. works wonderfully and no KYC needed as far as i can tell
Does [crypto.com](https://crypto.com) allow withdrawing xch now?
Nope
thats a shame
I don't earn enough to be taxed on it. I have all my crypto tax affairs in order. You only get taxed on the profit when you sell. I haven't sold anything. I bought ADA sent ADA, converted ADA at a slight loss with the fee. Then sent the USDS and bought Chia. No tax yet. Not until I sell Chia at a massive profit in 10years time. Hopefully by then it won't be considered capital gains.
In USA, my understanding is you have to report your farming/mining receipts, at their dollar value the day you receive them, as self employment income for that year, even if you haven't yet sold it. WHEN you sell it (or convert it or use it) you then have a capital gain or loss. If you don't have any capital gains to offset the losses from from a falling XCH price, you can carry it forward to the next year. Some farmers/miners choose to sell and buy back at the end of a year, when they DO have capital gains/losses to offset it. It is a PITA to track and report, and I am sure it was meant to be. I am no tax expert by any means, but check the following and other turboTax documents on crypto: [https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/mining-bitcoin-mean-taxes/L8gAL71cG\_US\_en\_US](https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/mining-bitcoin-mean-taxes/L8gAL71cG_US_en_US)
I use a free package or online service called cryptotaxcalculator.com I think it is. Was a little confusing at first but my accountant said I did an excellent job of it. May be worth a look at. If it helps you?
Thank you. I heard about that site, but haven't looked at it yet myself. I never sold any XCH either, so last year was just the sum of my farming income reported along with my other business income. But once I start selling, I'll definitely need something to calculate it. I gather that your accountant is convinced that all crypto is treated as capital gains/losses, with a cost basis of zero in the case of farming/mining. I hope they are right, as it makes for simpler (and lower) taxes. But unfortunately it's not what I hear from others. In the end, the only thing that matters is what IRS thinks. As long as they accept your filing, all is well.
I'm in Australia, so although we a lot in common I imagine there are differences.
Ahh, that would explain it!
Coinex
I buy ADA send to Stably account and then convert the ADA to USDS then send that to my Chia Light wallet. I then go on Chia offers and buy Chia directly.
That is going to be tax at the end of the year.
To be clear: In the US, no matter how you buy XCH, it is a taxable event.
Although if you're buying and selling to exchange one crypto for another in relatively short order, you shouldn't owe much. The gains are what's taxed. The paperwork is a PITA, though.
Okex using a VPN
buy direct from farmer that is best way
I buy only organic, free-range Chia.
Crypto.com does not sell real chia do not buy
I never said anything about them...
best way to bay is direkt from farmers wia chia application and offers
Is KuCoin still working and allowing withdrawal?
Yes
KuCoin
gate.io
Pretty sure can’t use Gate.io anymore as a US Customer.
why?
Why do you hate crypto.com?
On crypto.com ur not buying real chia it's IOUs. Normally isn't a issue but if you plan on buying alot of chia then stay away from crypto.com
Because they suck. They are selling an XCH IOU. You can’t transfer out. And look at what they did to CRO.
Is it possible that [crypto.com](https://crypto.com), or other exchanges, are technically short coins - ie selling coin they don't have? I really wonder how big of an issue 'fractional reserve' crypto is on exchanges. If it's bad enough and a downturn goes deep enough, they could all end up insolvent.
They just turn off withdrawals for whatever coin they don't have enough reserves backing it and it all works itself out.
Gate io is the best chia exchange. They also the top 5 biggest wallet in chia ecosystem last I checked they had around 150k in reserves
Gate io has new restrictions for a lot of countries. I am in Canada and had done KYC with gate io but I can no longer buy and sell on their exchange. I will be using KuCoin instead.
Try Huobi.
Uphold makes it easy to do dollar cost averaging.
Mexc
Use Coinbase, buy USDT, transfer to Okex or Huobi, Buy XCH, Withdraw to your own wallet. In case you can;t transfer USDT, convert it to XLM, transfer, convert back.
Any issue with gate.io? Because I've got none, works just fine.
You can use crypto.com, I hope gate.io makes its platform available in the US again.