Re:Infrastructure bill cryptocurrency surveillance provision...
by adolph on Tuesday August 03, 2021 @07:40AM
(#28048046)
Is it accurate to treat crypto facilities as equity brokers, or more like foreign currency exchanges? (Forex probably have their own reporting requirements, the question is about analogous service, not the reporting/privacy part.)
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Re:Infrastructure bill cryptocurrency surveillance provision...
by pembrook on Tuesday August 03, 2021 @07:49AM
(#28048120)
You probably don't want crypto transactions to be taxed like forex ones--unless you enjoy paying capital gains taxes before you've even sold:
https://www.investopedia.com/terms/s/section-1256-contract.a...
Re:Infrastructure bill cryptocurrency surveillance provision...
by dcolkitt on Tuesday August 03, 2021 @10:12AM
(#28049417)
You're confused. Section 1256 applies to futures, not forex. Spot forex positions are taxed as ordinary capital gains under Section 988. Under very specific conditions a high-volume spot forex trader who never takes deliver may elect to be taxed under 1256, but that's completely optional.
https://greentradertax.com/a-case-for-retail-forex-traders-u...