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48-nation bloc to crack down on using crypto assets to avoid tax

theregister.com

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Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#81

Post by yjftsjthsd-h »

siftrics wrote: post #67
PeterisP wrote: post #49

Earlier quoted context omitted.

How is that different? The transaction data export from most crypto-exchanges takes up the same amount of clicks no matter if you have 5 or 5000 transactions, as do the adding of whatever formulas you might need in excel to manage your business - which is obviously the case if your trading volume is substantial; if you were doing a substantial trading volume in, say, collectible card game cards, you'd also have to ha…

You can do extremely complicated things on chain that require manual human analysis to figure out how to report it. You can do this thousands of times per year. It adds up to a huge amount of work.

Forgive my ignorance; could you give an example of something that would be more complex, especially to the point of requiring human intervention? Does the tax code care about more granularity then that you started with X USD/Euros/BTC/ETH/... and ended with Y USD/Euros/BTC/ETH/...?

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#82

Post by adolph »

e12e wrote: post #13
adolph wrote: post #7

What is the mechanism for “crypto assets to avoid tax?”

Get paid in crypto, don't tell the government? Don't collect/pay VAT nor tax on profits? Ed: or as a contractor/consultant - don't pay social security nor income tax?

I don't see how "cypto asset" are different from any other kind of payment. For example, if you are an employer and you pay in crypto, do your reporting requirements suddenly evaporate simply because the method is not a check?

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#83

Post by josu »

throw0101c wrote: post #72
josu wrote: post #50

Earlier quoted context omitted.

>a vague long-term uptrend in prices makes something a store of value A stable and 100% predetermined issuance schedule, along with its scarcity, it's what makes Bitcoin a good store of value. The steady uptrend in prices is the consequence. >useless technology. Just because it's functionality is limited it doesn't make it useless. A store of value that doesn't require boring the planet, or building empty houses, see…

> A stable and 100% predetermined issuance schedule, along with its scarcity, it's what makes Bitcoin a good store of value. The steady uptrend in prices is the consequence. "Steady"? What definition of "steady" are you using? It peaked at US$ 75,000/BTC in Spring 2021, dropped to $40,000/BTC in Summer 2021, went up to $80,000 in Autumn 2021, did a continuous slide down to the $30,000 range in late 2022 and stayed th…

The 4-year moving average is only up:

https://buybitcoinworldwide.com/charts/4-yr-ma/

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#84

Post by woobar »

throw0101c wrote: post #72
josu wrote: post #50

Earlier quoted context omitted.

>a vague long-term uptrend in prices makes something a store of value A stable and 100% predetermined issuance schedule, along with its scarcity, it's what makes Bitcoin a good store of value. The steady uptrend in prices is the consequence. >useless technology. Just because it's functionality is limited it doesn't make it useless. A store of value that doesn't require boring the planet, or building empty houses, see…

> A stable and 100% predetermined issuance schedule, along with its scarcity, it's what makes Bitcoin a good store of value. The steady uptrend in prices is the consequence. "Steady"? What definition of "steady" are you using? It peaked at US$ 75,000/BTC in Spring 2021, dropped to $40,000/BTC in Summer 2021, went up to $80,000 in Autumn 2021, did a continuous slide down to the $30,000 range in late 2022 and stayed th…

It peaked at US$ 75,000/BTC in Spring 2021, dropped to $40,000/BTC in Summer 2021, went up to $80,000 in Autumn 2021, did a continuous slide down to the $30,000 range in late 2022 and stayed there (dipping all the way to $22,000), it's now been in the $35,000 range for the last few months of 2023, and has jumped to $45,000 range recently.

* https://finance.yahoo.com/quote/BTC-USD/

I am not sure why did you pick random numbers that are not supported by your own chart to illustrate your point. BTC did not reach $75K or $80K, it dipped below $22K, and it is not at $45K now.

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#85

Post by peltier »

Just hope this "crackdown" does not stop the revolution which is happening in less than honest regimes. Its allowed people a store of currency which cannot be infringed, its more valuable than the scams and volatility that plague it.

Absque argento omnia vana

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#86

Post by jcfrei »

In the grand scheme of tax avoidance crypto must be nothing but a blip. Look at the size of the art market, car collections, yachts, villas, etc. There's a huge amount of work left to do if you want to get serious about tax avoidance before you even need to work on crypto. You'll know when there's something serious being done about tax avoidance - when an actual kerfuffle breaks out in parliament.

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#88

Post by josu »

skulk wrote: post #59
josu wrote: post #50

Earlier quoted context omitted.

>a vague long-term uptrend in prices makes something a store of value A stable and 100% predetermined issuance schedule, along with its scarcity, it's what makes Bitcoin a good store of value. The steady uptrend in prices is the consequence. >useless technology. Just because it's functionality is limited it doesn't make it useless. A store of value that doesn't require boring the planet, or building empty houses, see…

> A store of value that doesn't require boring the planet, or building empty houses, seems like a great improvement to me. Boring holes isn't tenable but using 15 GW of power is acceptable?

It seems more efficient than what it is replacing:

>This brings the gold mining industry’s 2020 total to 265 TWh of energy used and 145 Mt of CO2 produced if we use the DePaul study’s numbers and account for 1750 tons of jewelry.

https://www.nasdaq.com/articles/a-comparison-of-bitcoins-env...

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#89

Post by josu »

voxic11 wrote: post #69
josu wrote: post #43

Earlier quoted context omitted.

>It's basically the same as with stocks. In many countries, since crypto is not regulated, you can't write off the losses, but you still have to pay taxes on the gains.

What countries don't regulate crypto these days? Certainly the US and EU does.

There is no tax harmonization in Europe; therefore, each country regulates taxes differently. While most countries offer some form of guidance, explicit regulation is not universal.

Re: 48-nation bloc to crack down on using crypto assets to avoid tax

#90

Post by eric-hu »

latchkey wrote: post #75
chromatin wrote: post #63

Earlier quoted context omitted.

> except the highs of 2021 Au contraire! Interestingly, even if you had started purchasing at the *all time high* (~US$69,000) on 8 Nov 2021, if you consistently purchased daily, weekly, or monthly, you would still be up something insane like 37%, outperforming basically all other market sectors. You can check this yourself at a variety of DCA calculators (NB I noticed at least one [ https://dcabtc.com/ ] was broken…

Saylor always buys the top.

Is the rationale behind this statement that you’re doing DCA and you’ll come out ahead in the multi year timeline?
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