Quote from: Ultegra134 on Today at 11:07:19 AM

That doesn't necessarily mean that their recommendation is realistic or sensible. I understand the point you're trying to make, but this doesn't change the fact that this is an unreasonable recommendation. It makes no sense to report unrealized cryptocurrency gains; for instance, what if I report $20,000 in gains because Bitcoin is booming but next year has crashed, resulting in a $5,000 loss? I would already be taxed for the $20,000 I didn't sell and were never actually in my hands in fiat currency, but now that I'm at a loss, will I receive the tax amount I paid last year? Probably not; this scheme has many loopholes, but it still remains a recommendation; it hasn't been approved yet, and even if it is, I'm confident that this is subject to change.

From what I get, the article explains that if you incur losses, your tax liability goes negative, letting you carry that forward to offset future tax liability. So if you owe $5000 the next year, you can reduce it by last year’s losses. Honestly, this setup feels intrusive; it pushes citizens to disclose their holdings, which raises big privacy concerns. Reporting your assets could expose you to risks if that info ever leaks, as it shows just how much you hold. I’m not in favor of this proposal, even if it won’t affect me directly since I’m not in that country. Here’s hoping it doesn’t go through.