The nagging cryptocurrency tax issue

lazybits (43) in cryptocurrency • 7 years ago

It will be interesting to see how Americans react to the new tax policies in 2018. If 2017 is any indicator, I’m thinking few will heed it.

http://bitcoinist.com/cryptocurrency-investors-lose-tax-break/

cryptocurrency tax bitcoin ethereum litecoin

7 years ago by lazybits (43)

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picstrend (29) · 7 years ago

Nice !
i like your work.keep it up
i follow you now you follow me and upvote let's work together

wekkel (51) · 7 years ago

I guess US Bitcoin holders should never sell, just like the Winklevii

tspink (49) · 7 years ago

It just not worth it to be greedy. If you use coinbase they have all your information. Why not just pay the taxes for the peace of mind if nothing else

lazybits (43) · 7 years ago

That’s capital gains tax.. this is saying tax on every exchange, like say if I convert Bitcoin to Ethereum.. it would be a taxable event.

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tspink (49) · 7 years ago (edited)

@lazybits correct, but how would this be enforced? Wouldn't it have to be reported by the user just like capital gains tax? Since the U.S. can't regulate exchanges outside the U.S.

lazybits (43) · 7 years ago

I wondered that myself.

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krenter (51) · 7 years ago (edited)

For the tax to occur, the operation must take place within the territory of the US, or the company must pay US tax. As other countries opt for tax measures, investors will carry out their operations where they are lowest or where this is not regulated. something like saying Cayman Islands 3.0