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RE: IRS Tax Rules for Cryptocurrency in 2018
Also, if someone opened a tax compliant crypto exchange, I think they would be very successful. A lot of people want to be compliant even though it is difficult.
A very very good point - someone opening up a tax compliant crypto exchange and being successful. I would definitely open up an account with that exchange that would do all the calculations for me (just like any ordinary online stock trading exchange would) so I never have to dread being audited by the IRS on my crypto currency trades - knock on wood! Oh I just wanted to add that in South Korea (one of the most active crypto currency trading hot pots in the world) one does not have to pay any capital gain tax when trading crypto currency. This is probably one of the reasons why South Koreans account for heavy percentage of all trading even though their total population is about 1 / 7 of that of the US.
Yeah, I'm searching the net right now trying to get a clear idea of how to file this year... it's really frustrating and it's kind of making me angry.
edit: Oh, and then you get to go figure out how to do the state taxes. Bureaucracy is an old French word that means "we are here to rob you AND make you do paperwork, too."
I agree with this. In Europe we are having a lot of talk at the moment about how Cryptos are going to be taxed or how they actually taxed. Since there is no clear indication on the side of the most Gouvernments of the EU, others already worked out clear directives (like Austria and Germany). Even the European Cour of Justice had already a case about taxation regarding mining. It is a very interesting new field, for investors as well as for business people that organize the exchanges. If we would have a clear legal framework how investors would be taxed, it would also become more interesting for the average investor to go into crypots. Since at the moment he is in a grey zone where he actually can´t really calculate the risk and the earnings after taxes. I predict that 2018 will be the year of Crypto taxes, at least in Europe.