Why must you constantly insist on raining on my feed with your negative nancy reality checks? ;-) Now I can't claim ignorance if I ever do cash in...(because that's totally a way out of txes...lol)
Bookmarked this. As a commenter below pointed out - the gov't can be slow to catch up with technology. I know you don't have a crystal ball - but do you think they will focus on the top 5 for the time being? My guess is that they will start making examples of some big guys before they start going after minnow 'traders'.
Also - I may have asked you this before - but it's not a taxable event until it's sold/exchanged/ etc right? If I hold Steem in my account and don't do anything with it...oooh bad example. I guess basically everything on Steemit is a taxable event - upvoting, payouts, etc.
Apply it to another crypto - say I hold Dash or Ether in a wallet/exchange...no tax due if I'm just holding, right?
And finally - a bit off topic - ok way off topic - but do you know about BTC iras ? If I'm a resident of NY State can I form an LLC in another state, and invest that way since it's basically the North Korea of states - (and residents can only trade in like 3/4 places, most of which only offer a few cryptos? )
Thanks much. Just asking these questions as a 'friend' I know it's not legal advice ! :-)
LOL that's quite a few... I'll tell you what I think/know...
I think they will focus on the exchanges first and foremost and not be targeting coins that have no direct fiat cashout. Simple logistics are that's the easiest place to start. I can't really say who they target first, but logic would say bigger fish.
The new tax law is vague enough that I would say anything is a taxable even including holding and the price increasing. This means that if you hold steem for a year and the price goes to 100 bucks each you would need cash on hand to pay the taxes even if you didn't sell. I could be wrong on that but the law seems intentionally vague like they may make that a possibility. I think that could apply to any coin.
Fuck NY crypto laws. That's my only real thoughts on that. I will however say that a VPN is cheaper than incorporating an LLC.
If you're not a lawyer or an accountant - have you considered becoming either - never too late (plus, you'd get paid a lot more than my $.10 upvote lol).
Ug. FML on the holding, that's fucking depressing. (Shit...is that what I'm supposed to do with stocks/investments too, pay on gains even if I don't realize them? not offended if you opt out of that question lol...(update answer to my own Q: it's complicated and varies on the type of security held, turnover,etc. The character of blunderbabe loves Vanguard index funds like VTSAX , a relatively tax efficient investment. Relatively does not mean tax free...)
NY State sucks. If I was a NY state resident, and a real human being instead of the fictional crypto owning character i'm playing on Steemit - a VPN still wouldn't help when it came to the ID And all that...at least for the exchanges (or bitcoin IRA type firms) that are based in the USA.
big sigh. You are my personal bad new bear :-P