Crypto question, is this legal - Page 2
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Originally Posted by VeryNicePerson1
I believe due to the new tax reform bill, exchanging cloin (digital currency) for a coin (digital currency) becomes a taxable event...as technically you saw profit from the first coin (If there was profit)...and then used the basis and profit from the 1st coin to buy into the 2nd coin...
I think I said that right? Correct me if I am wrong? I just do not know what BTCP is, or what all they consider as digital currency. And I am not even sure how they are going to track the jurisdiction for the taxable event thing...like if you exchanged on Binance which is based in China I think, and then you send it to some other country to cash out...then is it taxable??!?! Complicated stuff, so I would suggest speaking with your accountant... |
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Quote:
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Originally Posted by jwxie518
IRS knows everything. You'd be surprise. They may not care about $1000 unpaid right now, but they will come back for you at some point.
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I can claim that I sold it immediately (incurring some taxes from previous, traceable coins) or lost the private key to the address. they can't prove anything.
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Originally Posted by vft1008
Attention whore to the very end.
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