Isn't it insane that only in the USA, they tax trades and then expect YOU to figure out how much you "owe"??
Imagine going to the grocery store and the cashier scans all your items, her computer tells her how much you owe, but she wont tell you, and instead, expects you to calculate everything and if you're wrong, you go to jail.
It's quite the other way around, you go with a bag full of products, you tell the cashier that is worth 100$ you pay and you go on your way. If the guards stop you and you have 1000$ worth of merchandise they call the police.
Isn't it insane that only in the USA, they tax trades and then expect YOU to figure out how much you "owe"??
No, the US is not the only one that taxes this, and in every country in Europe that I know of you have to come with the amount you owe first.
AFAIK, it's just for cashing out or for when you make a purchase which can be taxable.
https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currenciesThe sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability.