The IRS Sets a Trap for Cryptocurrency Tax Cheats

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by jandrewrogers on Sunday September 27, 2020 @01:41AM (#24604468)

While they definitely are not “blue collar”, income is not wealth. It is a mistake to conflate income and wealth, the implications are very different. One can have a high income today and be destitute tomorrow absent wealth. Wealthy people are a subset of those with high incomes.

[ Parent | on HN ]

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by refurb on Sunday September 27, 2020 @02:44AM (#24604715)

Your definition doesn't really align with how "wealthy" is used.

If you're making $400k per year, how long before you start to accumulate substantial wealth? Pretty quickly I'd say. Sure it might not be millions, but if you sock away $200k at age 25 after 3 years, you have more wealth than 99% of people your age.

"Wealthy" is not limited to wealth alone. If you're making $2M a year and have no savings, you're still "wealthy".

And people with large amount of wealth (your definition) can still become destitute. There are plenty of examples.

[ Parent | on HN ]

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by Hydraulix989 on Sunday September 27, 2020 @04:41AM (#24605172)

Starter homes in San Francisco start at $1M.

That $400k post tax is mostly going into housing.

[ Parent | on HN ]

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by jpetso on Thursday October 01, 2020 @09:16AM (#24650461)

Being able to own a starter home outright within 3 years or so sounds pretty sweet to me. Many people need decades to pay off their mortgage.

[ Parent | on HN ]

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by refurb on Sunday September 27, 2020 @05:46PM (#24610376)

Yeah, but owning a single family home in one of the most desirable cities in the US makes you rich. That’s something 90% of America couldn’t dream of doing.

[ Parent | on HN ]