7 upvotes, 2 direct replies (showing 2)
View submission: Don't invest recklessly
Is this not the case already???
Previous tax law has already ruled that you must pay capital gains tax on the fair market value, if applicable, when you barter swap a gold coin for a silver coin. The IRS is going to gratuitously ass rape any crypto traders that have been doing this and not paying capital gains tax because crypto to crypto trades are not “like kind”. They already have their hands in the coinbase cookie jar and will make very public examples out of some big time traders before too long. This is why the long term buy and hold strategy is good in this area.
Bottom line is if you are making capital gains on any crypto to crypto trades it would be highly prudent to report them and err on the side of paying more tax than you should. Otherwise spend your money now on an industrial size container of butthole vaseline.
Comment by LegitosaurusRex at 01/12/2017 at 19:49 UTC
4 upvotes, 0 direct replies
Hmm, the butthole vaseline looks cheaper than the tax burden though...
Comment by CryptKnight at 24/12/2017 at 01:05 UTC
1 upvotes, 0 direct replies
Good case for using a non USA based exchange IMHO