Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

Re:Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP ... by tw04 on Thursday December 21, 2017 @12:43PM (#15980917)

What good is the coin if you can't ever spend it? Sure, you can hid it away somewhere the government can't find, and just sit on it... but then what? When you eventually want to spend it on SOMETHING, unless you're going completely black market, there's going to be a record. When the guy making $50k/year suddenly buys a $2.5 million house, the government is going to ask you where that money came from.

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Re:Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP ... by notheguyouthink on Thursday December 21, 2017 @01:23PM (#15981397)

I never said anything about not spending it. Clearly though if you bring money over to USD, it's quite visible and taxable. To be honest, I don't know what your point is.

If I make 50k/y and buy a 2.5m house with cash, the gov is going to ask me where it came from too. What's this have to do with my comment questioning the governments ability to track anonymous coins?

Anonymous coins _(if working properly)_ are effectively the same as cash. So the same concepts and limitations apply regarding the governments taxation on it. No?

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Re:Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP ... by SAI_Peregrinus on Thursday December 21, 2017 @03:15PM (#15982386)

They track cash via audits. The same thing will happen with anonymous coins. So if your apparent income (tracked purchases) is larger than your declared income you can expect an audit, no matter where the extra money came from.

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Re:Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP ... by notheguyouthink on Friday December 22, 2017 @09:48AM (#15987762)

That is exactly my point. I said it's the same as coins.

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