the question I have is this
mine LTC....pay my income tax on this...say 25% of what was mined....sell on coinbase....and pay (if less than a year) 40% capital gains tax
but
If I mine LTC and pay income tax on this ...again 25% but xfer the LTC to BTC I am hit with another 40% capital gains because in 2018 it is gonna act like cash
and no like kind?
or did I miss something
(if above is correct now I know why BTC and cypto's are crashing)
in USA
Few people pay tax from there bitcoin holdings. And no it doesn't work that way either.
I am fearful that what he says is close to the truth:
https://dcebrief.com/tax-reform-law-eliminates-crypto-tax-loophole/No it is true.
http://fortune.com/2017/12/21/bitcoin-tax/But you would pay capital gains on the gains only when you convert.
Thus if you mine its the full value since it starts st $0. So 20k BTC would be 20K of gains when mined and realized into dollars or another crypto. Then say ya then have 20k of LTC. If you trade that again to BTC when its now worth 25K in LTC/BTC, then u have to pay short or long term gains on that new 5k.
It isnt double taxation, but it is now an event that triggers the tax. Used to be only when pulling into fiat.