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A comment on Crypto crash deepens, stocks slip. Parent comment

Re:Crypto crash deepens, stocks slip by nikanj on Wednesday May 19, 2021 @12:24PM (#27210795)
I'd be very surprised if your tax agency agrees that moving via USDT does not trigger capital gains.

Then again, I'm operating under the impression most people cheat on their taxes w.r.t cryptos

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Re:Crypto crash deepens, stocks slip by koonsolo on Wednesday May 19, 2021 @01:09PM (#27211466)
US only. It seems even Puerto Rico doesn't ask capital gains on crypto.
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Re:Crypto crash deepens, stocks slip by waych on Wednesday May 19, 2021 @01:40PM (#27211857)
IRS considers cryptocurrency as property, and exchanging one for another is a taxable event.

See "Q16. Will I recognize a gain or loss if I exchange my virtual currency for other property?" [1]:

   A16.  Yes.  If you exchange virtual currency held as a capital asset for other property, including for goods or for another virtual currency, you will recognize a capital gain or loss.  For more information on capital gains and capital losses, see Publication 544, Sales and Other Dispositions of Assets.
[1]: https://www.irs.gov/individuals/international-taxpayers/freq...
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Re:Crypto crash deepens, stocks slip by dgjnvhhb on Wednesday May 19, 2021 @09:03PM (#27216254)
Not if you move to Puerto Rico.
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Re:Crypto crash deepens, stocks slip by prepend on Friday May 21, 2021 @08:30AM (#27233168)
I think that’s more a function of Puerto Rico not having federal taxes than anything about crypto (ie, no capital gains or income tax on anything, including crypto).
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