I have been wondering a lot recently about how investing into cryptocurrencies can make the tax man come knocking at your door. I know it's not fun for anyone to think about, and I know it to be different rules applied in different countries
I have done a bit of research and, needless to say, it is extremely confusing, at least for here in the USA. The main thing I have taken away from the research I have been doing is... Keep good records!! Below I will link a really nicely summed up video from the YouTube channel "Bitcoin for Beginners". Fairly informative and concise. If you have any pointers, don't hesitate to comment.
the govt will try and get their hands on anything that produces revenue, because they spend more than they take in.
Unfortunately for them, a dollar collapse may occur before they can regulate cryptocurrency's to any degree.
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Oh goodness. That's a whole new world I don't even know where to begin with.
I just wrote a post about doing normal taxes. I wonder if the Wave accounting app would allow for cryptocurrencies...? hmm
Anyway. Check it out if you want. https://steemit.com/tax/@moderndragon/the-scariest-season-of-all-tax-season
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Thanks, I'll do that
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