Increaseing KYC requirments and taxes

OrangeJuic3

OrangeJuic3

Member
Joined
Oct 6, 2020
Messages
11
So for the most part I love BTC. I hold quite a bit as a investment. Has anyone thought about how we have to go back and report all our transactions for tax purposes? My accountant let me know that since 2018 i need to report all of what I either cash out or spend. If you hold or buy its fine. BTC is a public transaction ledger and the point of obfuscating your transactions doesn't really matter to the government. If you transfer and don't have control of the coin anymore you might need to report it as capital gains. They go back chronologically so the gains from a spend would be the difference from when you first bought coin.  The good thing for people that hold coin from longer than a year out or make less than 40k you have to pay less or nothing. There are other things you could do to temporarily avoid paying capital gains, but its the government and they want their money.

tl:dr if you bought through a exchange or other KYC process you will most likely have to declare something on your taxes

What do you think? Maybe I'm not conveying this the best, but i hope you get what I'm saying.

 
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