You are viewing a single comment's thread from:
RE: CoinTracking vs. BitcoinTaxes: Any Experience In Using These Services/Apps For Tax Prep...?
Well if this isn't the question of the day,what is. Anyway I think that if the Government is getting Coinbase records over 20K in purchases, but you purchased well before this years run up... and spent under 20K, even though it is up 12x and you sent it to a private address before then, maybe the question is mute, there will be no issue. Just a thought.
perhaps. though, it's worth keeping in mind that blockchain records ARE public. even if the tax authorities are stumped now, it's quite likely they'll develop the capacity to audit thoroughly later at some point, and very little may be evaded. not worth the risk of avoiding altogether, though not sure how to work best within the grey area that exists at the moment...
No evasion... just a thought, as there are no laws enacted yet. By the way it is theoretically (law) that you claim capital gains when realized (sale), not before. One more thought and only hypothetical... if you leave it until they request it,then the appreciation will be even greater profit... now if it does keep appreciating it will cause double taxation/s... I do not know if this is legal either.