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Earlier quoted context omitted.
Know Your Customer, requiring exchanges to provide the necessary data, etc.
Many exchanges that are crypto only don't have any KYC
An example: https://www.bloomberg.com/news/features/2017-11-15/the-final...
So... Bitcoin people complain that it's not taken seriously as a real currency. Then when it is, with all the associated regulatory and tax ramifications, they complain about that, too.
Are exchanges going to provide us with necessary tax documents in order to pay these taxes? So far all I've found is a terrible csv export that shows the date and amount of purchases of various crypto currencies, but no information at all on the current price at the time of purchase or the amount sold for (this is on Coinbase). I'm starting to get a bit concerned.
Earlier quoted context omitted.
It is the exact same as exchanging mutual funds at your brokerage. Like an exchange I did just this morning: $10,000 VHDYX -> $10,000 VFIAX. It creates two orders a sell and a buy. I'm taxed capital gains on the $10k sale (about $600 gain) and the buy has nothing to do with it, until I sell it in 5 years.
There is no sale for dollars involved in the OP's scenario. Is there an actual sell in your scenario or is it "virtual"?
Are exchanges going to provide us with necessary tax documents in order to pay these taxes? So far all I've found is a terrible csv export that shows the date and amount of purchases of various crypto currencies, but no information at all on the current price at the time of purchase or the amount sold for (this is on Coinbase). I'm starting to get a bit concerned.
I purchased $300 BTC the other day on CB and they wanted a $30 transaction fee to withdraw the BTC off their site. I wonder if this fee can also be considered part of the purchase?
https://bitinfocharts.com/comparison/bitcoin-transactionfees...
Are exchanges going to provide us with necessary tax documents in order to pay these taxes? So far all I've found is a terrible csv export that shows the date and amount of purchases of various crypto currencies, but no information at all on the current price at the time of purchase or the amount sold for (this is on Coinbase). I'm starting to get a bit concerned.
I purchased $300 BTC the other day on CB and they wanted a $30 transaction fee to withdraw the BTC off their site. I wonder if this fee can also be considered part of the purchase?
In the future when you are withdrawing from coinbase, you can transfer to gdax (their exchange platform) instantly, for free, and then transfer out to your wallet for free.
Are exchanges going to provide us with necessary tax documents in order to pay these taxes? So far all I've found is a terrible csv export that shows the date and amount of purchases of various crypto currencies, but no information at all on the current price at the time of purchase or the amount sold for (this is on Coinbase). I'm starting to get a bit concerned.
I purchased $300 BTC the other day on CB and they wanted a $30 transaction fee to withdraw the BTC off their site. I wonder if this fee can also be considered part of the purchase?
Earlier quoted context omitted.
There is no sale for dollars involved in the OP's scenario. Is there an actual sell in your scenario or is it "virtual"?
There is no "real" sell on Vanguard to go from one fund to another, but regulations require them to mark it as a sale, and to denote the cost basis of the sale.
Earlier quoted context omitted.
What about decentralised exchanges?
The trend is towards KYC compliance and automatic sharing with tax authorities. I assume after a while very few countries will tolerate exchanges not complying.