Well, the US is already applying capital gains tax to Bitcoin and one man is facing prison time for not reporting profits made from selling face to face via Localbitcoins.com. This happened in Michigan, I believe.
Stories like that are given a lot of attention in order to scare people into voluntarily submitting their info, because that's the only way it'll work. The truth is the government can't go around searching for everyone's hidden cold wallets when we lie and say our crypto got hacked and we made no gains. It's not hard to hide crypto, and to use it completely anonymously from the start so the government can't trace it to you in the first place.
Guess the tax authorities will just tell us: «Here is the money you invested as a fact via your broker account. Now you have to show us and prove.» Do you think this is unlikely, Alan?
I would advise NOT using a brokerage account for a start! If you do that, then you could always claim: a). You haven't realised a capital gain & therefore no tax id due, b). You've lost it... i.e sent it to the wrong account.
@phelimint is putting together a list of online retailers which accept steem :)
Excellent.
:) is this is just for japan @kafkanarchy84
Well, the US is already applying capital gains tax to Bitcoin and one man is facing prison time for not reporting profits made from selling face to face via Localbitcoins.com. This happened in Michigan, I believe.
Stories like that are given a lot of attention in order to scare people into voluntarily submitting their info, because that's the only way it'll work. The truth is the government can't go around searching for everyone's hidden cold wallets when we lie and say our crypto got hacked and we made no gains. It's not hard to hide crypto, and to use it completely anonymously from the start so the government can't trace it to you in the first place.
thanks for information and freind
do check my post if u have lil bit time for newbies @kafkanarchy84
The finance ministers of the world will LOVE bitcoin. If you have all the broker customer data it's a dream in transparency.
bitcoin -> Monero -> back to a different bitcoin address. Transparent @rockwellontherun? ;)
Guess the tax authorities will just tell us: «Here is the money you invested as a fact via your broker account. Now you have to show us and prove.» Do you think this is unlikely, Alan?
I would advise NOT using a brokerage account for a start! If you do that, then you could always claim: a). You haven't realised a capital gain & therefore no tax id due, b). You've lost it... i.e sent it to the wrong account.