US bill has been made to remove taxes from BTC transactions under $600
It will be exciting to see if this bill is approved. It would be a nice step forward as the future and processes of taxing the crypto market is still unclear.
It will be exciting to see if this bill is approved. It would be a nice step forward as the future and processes of taxing the crypto market is still unclear.
as far as I know is there any sort of taxes yet on the money made in crypto or BTC?
Well the United States will tax any money you earn from anything, anywhere. I think America considers it the same as Canada, which is a capital gain. You would treat your earnings once you sell your coins as a capital gain and must report your earnings to pay taxes.
its basically on you to claim those earnings though.
Yes for sure, it comes down to personal opinion. However the IRS is one of the strongest and most powerful forces in this world, tax evasion is highly illegal and will get you jail time. But for now it is hard to tract or prove, with traditional investments the exchanges and companies themselves send the government information. I think exchanges will be regulated soon to make sure taxes are being paid, and ICO's are regulated properly. Overall a good thing for attracting more people to the market.