51–60 of 194 posts
The only policy lens by which this current congress's bill makes sense is on that "rewards existing businesses moving into new markets" as opposed to "new businesses competing with existing via new markets." And while I'm not a fan of the bill or its primary authors, I'm simply not able to accept the idea that they don't have a policy direction.
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It's driven off whats called your dollar cost average. So in your scenario Buy 1 ETH for say $500, your cost base is $500. If then trade the 1 ETH for bitcoin, it only depends on what ETH is worth at that moment. If 1 ETH is now worth $400, then you have a $100 loss, if ETH is worth $500 then no taxable gain or loss, if 1 ETH is wroth $600 then you owe tax on $100 of capital gains. What bitcoin is worth is irrelevant…
Thanks - given your comment it sounds like option 1 mentioned above where gains are calculated based off of USD value even if the currencies are traded directly. But as another commenter mentioned, I don’t see how this can work because the trade doesn’t involve USD at all, and the exchange rate for USD/ETH may vary widely between exchanges. And for more niche cryptocurrencies, a USD value may not even exist because t…
SEC treating ICO as a security. IRS needs to come out with more guidance, but doing taxes is going to be a pain with crypto to crypto. Not looking for trouble with IRS, especially when gains were plentiful for so many this year.
Pay your taxes, you don’t want to be the example the IRS makes. PR not going to look good for people in crypto, “majority of crypto owners refusing to pay taxes”.
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Yup. Remember, it wasn't the police who got Capone, it was the IRS.
So the IRS is going to put the same amount of resources into each of the new mini - Capones as they did Capone?
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.
None of these things are present in your post. Most bitcoin folks are happy it's not "real currency", it's not clear what you even mean, there are already taxes and whatever "regulation" means, the SEC is starting to single out individuals for punishment.
So, this and the SECs recent decisions are the point when the US gets left behind on the next major advancement of technology. An almost fricitionless, ubiquitous, audit-able marketplace. well, except for monero and zcash.
How would they enforce this in any way at all?
Only about 1 in 200 individual taxpayers recieve comprehesive audits these days.
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So the IRS is going to put the same amount of resources into each of the new mini - Capones as they did Capone?
That is literally the IRS's job. IRS funding at the margin directly increases or decreases tax revenues, because they have more or less resources to spend pursuing tax evasion.
Maybe Equifax has some engineers working on this right now for them!
This article seems to have an agenda.
While it was deemed to be treated as property, IRS never gave guidance on ability to treat it as like kind transaction. Accountants have been asking for this clarification for years. SEC treating ICO as a security. IRS needs to come out with more guidance, but doing taxes is going to be a pain with crypto to crypto. Not looking for trouble with IRS, especially when gains were plentiful for so many this year. Pay your…