New Taxes on Crypto-To-Crypto Trading Starting January 1st, 2018
The Trump Administration has passed a $1.5 trillion dollar tax cut which only seems to benefit giant corporations. The President was even heard saying to his rich friends that you all are about to get even richer.
One piece of news might not be so great for the cryptosphere:
Now, your bitcoin to ether trades or trades from any cryptocurrency to another WILL BE TAXED! Yes, each transaction of this type is taxable!
Does this sound fair to you? Leave comments down below.
Well it is good as well as bad because they are accepting crypto trading that will be beneficial in long term and these taxes, well we have to pay taxes on earnings. So regulations are on the way, we are witnessing shift in momentum from paper currencies to digital currencies.
I'd have to agree with what you're saying...
Buy some monero as traditional blockchains are highly traceable I'm not suggesting you avoid taxes as you should buy, hold and wait for trumps head to explode!
I'm a US citizen but I've not filed taxes since leaving the US in 2008. I might file them this year. Since I'm not earning and living in the US, I shouldn't have to pay taxes to the US government. That's my logic, but the IRS would disagree with me. Oh well LOL
Yes they are pretty crazy and if your using the swift network which is pretty much 100% certain if your exchanging dollars through a bank they can just take your money, escape the dollar!
"On 26 February 2012 the Danish newspaper Berlingske reported that US authorities have sufficient control over SWIFT to seize money being transferred between two European Union (EU) countries (Denmark and Germany), since they succeeded in seizing around US$26,000 that was being transferred from a Danish businessman to a German bank."
That's something I didn't know. Thanks for sharing!