You also do so in the UK and virtually every other country I can think off.

In the U.S. there's already a small-purchase exclusion for foreign currencies.

Bitcoin is not a currency for tax purposes in the USA.

Right, which is why you can't exclude small transactions now. The bill I mentioned has been introduced to fix that.

Certain states now require you to report bitcoin gains... so actually it is.

All states require you to pay capital gains tax on Apple stock...it must be a currency then

There are a lot of ways of defining what a currency is or is not. Taxing gains on it is one way. Another way is having an official body say so, which has happened in several US court cases.

Nope. You only have to report capital gains in excess of your annual allowance, which is £11,300 at the moment.

You still have to record them. Also don’t forget that if you have an ISA, other savings and investments that allowance isn’t that big.

As an individual if you mine you have to record the value as it was at the time of mining if you buy you record it at the time of purchase and you pay capital gains if you exchange the crypto for fiat currency or goods or services directly on the difference between the values. It gets more complicated since you can’t select an individual currency unit form your wallet but atm you are allowed to use creative accounting for that.

The fact that you have an allowance doesn’t mean it’s not taxed and if you have any substantial amount you’ll blow throgh that allowance pretty darn fast.

You only record them if you otherwise self assessment for tax. If you do t eve self assessment you do not claim if the gain is below £11k unless the total sale is in excess of £45k

I don’t believe any assets held in an ISA have any bearing at all on your capital gains allowance.

This is correct, gains in ISAs are tax free and have no impact on cgt allowance. So if cryptocurrencies were a good investment an ISA would be an excellent place to hold them and convert gains to currency you can spend, but I don’t think any isa providers support them.

They don’t have impact unless you sell or cash out.

The same goes for many other assets you pay cgt only when the profit is realized.

No, you don’t ever pay cgt on gains in an isa, that’s the whole point of them. So if you could hold bitcoin (at the moment only an etf is possible), there are no taxes on gains.

https://www.gov.uk/capital-gains-tax/what-you-pay-it-on

Which is a particularly useful case for Bitcoin ETFs

Not wishing to be overly pedantic, but you have to report in any of the following circumstances:

* Capital gains in excess of £11,300 * Disposals (sales) in excess of £45,200 * Losses that you wish to claim

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

Worth noting e.g. if you receive stock under US company schemes and sell even if you have already been taxed on the gain versus FMV as income. You can be in a circumstance where the taxable gain is under the threshold but disposals are high.

The limit is $10k of cost basis in australia. No CGT for anything less.

Is that based on a yearly tax allowance which means it’s tied to other investments or is this for an individual transaction?

Do you have link to the proposed text for this bill?