How are Taxes handled for Futures Trading (Bitmex)? - Cryptocurrency Reporters - A Light To Cryptocurrency World

Sunday, 15 April 2018

How are Taxes handled for Futures Trading (Bitmex)?


Thought this might be relevant as tax season is about to come to a head. Bitcoin.tax and the other crypto tax software don't support margin trading very well, let alone Bitmex.Seeing as how Bitmex is a futures derivatives market, no actual Bitcoin is being traded, or any crypto-fiat transactions being done. My BTC is used to buy futures contracts that are denominated in USD, and trades occur based on that. Should I treat gains/losses as I would usual capital gains/losses? Let's say I was liquidated, would that count as a capital loss to be deducted?For those who have used Bitmex, how have you handled it? Anyone here from the US as well and figuring out how to declare taxes for international exchanges? via /r/CryptoCurrency https://ift.tt/2qxCi1n Thought this might be relevant as tax season is about to come to a head. Bitcoin.tax and the other crypto tax software don't support margin trading very well, let alone Bitmex.Seeing as how Bitmex is a futures derivatives market, no actual Bitcoin is being traded, or any crypto-fiat transactions being done. My BTC is used to buy futures contracts that are denominated in USD, and trades occur based on that. Should I treat gains/losses as I would usual capital gains/losses? Let's say I was liquidated, would that count as a capital loss to be deducted?For those who have used Bitmex, how have you handled it? Anyone here from the US as well and figuring out how to declare taxes for international exchanges?

Thought this might be relevant as tax season is about to come to a head. Bitcoin.tax and the other crypto tax software don't support margin trading very well, let alone Bitmex.

Seeing as how Bitmex is a futures derivatives market, no actual Bitcoin is being traded, or any crypto-fiat transactions being done. My BTC is used to buy futures contracts that are denominated in USD, and trades occur based on that. Should I treat gains/losses as I would usual capital gains/losses? Let's say I was liquidated, would that count as a capital loss to be deducted?

For those who have used Bitmex, how have you handled it? Anyone here from the US as well and figuring out how to declare taxes for international exchanges?

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