The Best Crypto-Related Tax Advice I Could Ever Provide
People keep asking me to make crypto-related content concerning taxes and the capital gains tax liabilities that people might incur from investing in the likes of Bitcoin and Ethereum.
The truth is that I'm just not qualified to comment on this. But I still want to offer a little piece of advice that I think will be of enormous value to people.
NICE
Cheers!
“As long as the grid stays up, people will keep using bitcoin.”
By golly.......i think there are some key words in that sentence..........hmmmmmmmmmm let me see .......what could they be??
Good job bro.O
Summary: Hire an accountant to do your taxes to avoid being accused of tax fraud.
They are probably already working on crypto tracking. Only matters when you go from crypto to fiat though for now
You're right. The IRS has been working with Chainalysis to track bitcoin transactions since 2015. https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/
Here's a demo.
The problem is that they'll have to do that with other currencies too. Don't know if that will work. Will they really be able to track all these currencies?
Nice
This topic is going to get much more attention too in the near future as we get closer and closer to mainstream adoption.
The new mic sounds good !
Have you looked into Substratum at all ? What's your opinion on it ?
There could be a moral issue made, as opposed to a slave based fear, about standing up against institutionalized fraud..... but that aside, as you said,
Capital Gains are only due when you actual make the profit,,,, HOPEFULLY most people do NOT have their food and next months rent money invested in cryptocurrencies,,, therefor no one should be changing their cryptos to fiats.... Just hang on to your cryptos till you can buy stuff in cryptos and problem solved,,, 100 bitcoins = 100 bitcoins,,, no capital gains.
Sound advice that sounds good. Nice one!