Post
Topic
Board Altcoin Discussion
Re: IRS taxing cryptocurrency trades starting Jan. 1st.
by
bip76
on 02/01/2018, 15:33:56 UTC
With the new tax bill recently being passed, it is reported that we will be required to pay tax on all cryptocurrency to cryptocurrency trades.  Does anybody know how much tax we would have to pay on trades.  How do you even calculate that?

https://townhall.com/columnists/lindsaymarie/2017/12/29/brace-yourselves-cryptocurrency-investors-taxes-are-coming-n2428153

Governments world over will be looking for ways to tax cryptocurrencies because they are missing out on huge tax revenues, I'm skeptical as to how crypto to crypto would work. I would think the best way to tax would be similar to stocks where profits are only taxed when stocks are liquidated. I guess however that may not work for cryptos as they can be used as a means of payment.