News for hackers. Stuff that matters.

A comment on Maryland nuclear engineer and spouse arrested on espionage-related charges. Parent comment

Re:Maryland nuclear engineer and spouse arrested on espionag... by fragmede on Monday October 11, 2021 @12:22AM (#28824646)
In point 1, why does trading of crypto incur a taxable event? If I buy a Picasso for $20 million and then later trade it to a friend for a Van Gogh which is worth $40 million, is that taxable?
[ Parent | on HN ]
Re:Maryland nuclear engineer and spouse arrested on espionag... by caffeine on Monday October 11, 2021 @01:26AM (#28824998)
Yes it most certainly is.
[ Parent | on HN ]
Re:Maryland nuclear engineer and spouse arrested on espionag... by zdkl on Monday October 11, 2021 @02:44AM (#28825475)
In this scenario, what is the taxable base ?
[ Parent | on HN ]
Re:Maryland nuclear engineer and spouse arrested on espionag... by caffeine on Monday October 11, 2021 @03:44AM (#28825843)
You would need a valuation for the painting you disposed of. The fact that you never actually received USD is irrelevant.

I had this problem in 2018 - I bought BTC in 2017 before the boom, exchanged a bunch for ETH at the peak of 2018, and then rode the ETH all the way back down. I had to pay a bunch of taxes on the BTC gains I “realised” even though I didn’t get any actual cash out. I had to pick a price settle for BTC/USD on the day I bought ETH.

[ Parent | on HN ]
Re:Maryland nuclear engineer and spouse arrested on espionag... by laurent92 on Monday October 11, 2021 @08:11AM (#28827432)
Same in French law if you move a company abroad: You need a valuation on the day of departure, and are taxed on it, even if you don’t realize the gains.
[ Parent | on HN ]