Congress doesn't actually agree that cryptos should be tax free, they're objecting solely on the broadness of the IRS's request. They still want to tax your cryptos though, trust me.
In the U.S., crypto is considered property. If you hodl, no concern. Once you start converting back into fiat or trading into other crypto, keep records and bring to your accountant.
You answered my question. I was wondering if you only declare the value when you change back into fiat and not other currencies. It would seem that they need a 1031 type rule where you can exchange properties without paying tax.
I heard someone say once that the IRS only knows what you tell them. I don't agree....and, well, that article really lays it out, doesn't it? Be prosperous.
Hello there - I am a CPA in state of CA - I've posted a few articles about US Tax implications of cryptocurrency - please take a look on my blog if of interest :)
Land of the free, home of the brave... yeah right, feed me another line. I'm so glad I got out of the US years ago when I had the chance. It's interesting to note that citizenship renounciations are also on the rise.
Fuck the IRS. America is not free anymore. We have becoming a police state with a debt ridden and tax enslaved populace.
I thought crypto currency was tax free ?
My understanding too. But sounds like IRS is trying to screw us. Glad that congress disagrees. Not sure how long it lasts though.
Congress doesn't actually agree that cryptos should be tax free, they're objecting solely on the broadness of the IRS's request. They still want to tax your cryptos though, trust me.
In the U.S., crypto is considered property. If you hodl, no concern. Once you start converting back into fiat or trading into other crypto, keep records and bring to your accountant.
You answered my question. I was wondering if you only declare the value when you change back into fiat and not other currencies. It would seem that they need a 1031 type rule where you can exchange properties without paying tax.
I found this: https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/
That was a seriously good article @blubeast. Thank you
I heard someone say once that the IRS only knows what you tell them. I don't agree....and, well, that article really lays it out, doesn't it? Be prosperous.
Depends on where you are I guess.
Hello there - I am a CPA in state of CA - I've posted a few articles about US Tax implications of cryptocurrency - please take a look on my blog if of interest :)
Awesome. Following.
Hello CanuckPride,
Do you offer tax consultation/preperation services? What is the best way to contact you and your rates?
You declare income/loss when a trade happens, nothing is free in the land of FREE!!!
Land of the free, home of the brave... yeah right, feed me another line. I'm so glad I got out of the US years ago when I had the chance. It's interesting to note that citizenship renounciations are also on the rise.
You're absolutely right!
Congress has their backs, if it helps us out, so be it!