wry Posted June 7, 2019 #1 Posted June 7, 2019 Two interesting stories crossing the newswires today related to paying taxes on your crypto. Everyone pays their taxes, right? Anyway, in the USA the Internal Revenue Service (IRS) has not offered any guidance on crypto since 2014. They have announced they are updating their guidance and will include things like how to value your coins, picking which coins you sell, and very important - how to value your forked coins. These issues have similarities with other assets, e.g. stocks, but no formal statement on them exists. I hope they keep it simple, but have my doubts.... In similar news, the Australian Taxation Office (ATO) has announced a crack down on crypto currencies. The good news is they seem to be targeting large scale operators, the article mentioned 5 investigations including financial firms, the bad news is they are working with four other nations - the U.S., the U.K., the Netherlands and Canada - to find tax cheats. I like it more when crypto was unregulated! Link to IRS article: https://www.coindesk.com/what-to-expect-when-the-irs-alters-its-bitcoin-tax-policy Link to ATO article: https://www.coindesk.com/australia-to-crack-down-on-crypto-tax-avoidance-schemes
rajamishra Posted June 7, 2019 #2 Posted June 7, 2019 hello wryy its good news and bad news too,whether its create new regulatory committee for its or the existing system will adopt like a mainstream currency.one more thing if normal taxcession adopted then it's too hard for us to selling and buying with a high percentage taxes to paid every time.hope whatever be the result universal for us crypto may be now count as mainstream currency .
williamshennie9 Posted June 7, 2019 #3 Posted June 7, 2019 Seems like they are getting lazy with drafting new legislation! I guess it is a good thing for people who hold massive amounts of bitcoin lol. But in all seriousness, I think as crypto becomes more popular, more countries will try regulate it.
Etude Posted June 8, 2019 #4 Posted June 8, 2019 Unregulated crypto is definitely the dream for us regular users of it. Even so it seems that governments are hellbent of taking a share of the crypto-pie of everyone using cryptocurrencies lol.
barbaris Posted June 8, 2019 #5 Posted June 8, 2019 I think that this is so far directed to major currency owners and official exchanges and exchangers. And now taxes are not applied to private individuals and the majority is still in the shadow.
sdsdfbsfsd Posted June 8, 2019 #6 Posted June 8, 2019 hello worry thanks so mcuh for sharing this article such a interesting an useful read
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