Quote from: Wexnident on October 27, 2019, 11:26:18 AM

There is actually a statement, specifically the IRS 2014-21 where all virtual currencies are subjected to tax still. Therefore, stating that buying using BTC or any other crypto, is in fact, still liable to tax. As for the specifics, I don't really know but the 2014-21 already states that existing tax principles apply to transactions using virtual currency. The taxable events are Cashing out, Paying using crypto, Exchanging one crypto to another or Receiving mined crypto. These are some I just looked up in google and you can search for more information if you want specifics.

I don't see how they going to tax what you have mined. The situation is controversial at best. They will tax you for the value of the crypto at the time? This is going to be a big mess. The USA IRS is very anal about paying tax. They like a bunch of thugs you pay protection money to.

How exactly will you pay tax on exchanging one crypto to another? If I trade you my football card collection or my comic book collection with yours I do not pay tax. I think the USA is trying to pull stuff out the arse and pull a fast one on the people since the paranoid (as usual) of losing control of losing money of losing the power of all sorts of things. I think the USA needs to go fight another war or something, go "liberate" another country or something. Roll Eyes