Yes and taxing bitcoin like they do currently is a major hindrance in getting merchants to adopt it. There is some discussion about making transactions under $600 tax-free. Though I wish they would just declare it a currency and then not have to worry about capital gains taxes at all.
FOREX trading does involve capital gains taxes--multiple forms, in fact, depending under what section you elect to treat them under, or the exact nature of the transaction. There are, I believe, exceptions for small personal transactions, which is what some in the Congress are trying to get for cryptos as well.
If I buy a currency, and use that currency to purchase a loaf of bread I do not have to declare capital gains on that purchase of bread. Right now merchants that accept bitcoin, do.
Yes and taxing bitcoin like they do currently is a major hindrance in getting merchants to adopt it. There is some discussion about making transactions under $600 tax-free. Though I wish they would just declare it a currency and then not have to worry about capital gains taxes at all.
FOREX trading does involve capital gains taxes--multiple forms, in fact, depending under what section you elect to treat them under, or the exact nature of the transaction. There are, I believe, exceptions for small personal transactions, which is what some in the Congress are trying to get for cryptos as well.
If I buy a currency, and use that currency to purchase a loaf of bread I do not have to declare capital gains on that purchase of bread. Right now merchants that accept bitcoin, do.