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Is there any right to keep your possessions private from the tax agency? Last time I checked, everyone had to specify everything of value owned, and sign for it

Is there any right to keep your possessions private from the tax agency? Last time I checked, everyone had to specify everything of value owned, and sign for it, to calculate capital taxes due (I live in the EU). This includes BTC holdings. We have to trust the tax agency to keep tax data confidential. It surprises me that the US needs to change laws to require this only now. I'd say the wording of the old laws were probably too specific, and after this change they probably still are. A public ruling by the tax agency should be enough to require this for new forms of value like digital currencies.

tehlike 9y ago
Very true. The difference is people like to be in the gray area, and treat btc wealth as hidden and nontaxable. Now they will have hard reason to declare their coins and the source of them. On the flip side, i am not sure if there is any reason for "any body else" to know my networth, if i am not generating a taxable event.
garmaine 9y ago
> possessions private from the tax agency? Last time I checked, everyone had to specify everything of value owned, and sign for it, to calculate capital taxes due (I live in the EU). This includes BTC holdings. We have to trust the tax agency to keep tax data confidential. The Us does not have that kind of tax. There is no wealth/capital tax here. There is no tax authority with that information here. And to be honest, I find it abhorrent that you’ve been conditioned to accept that kind of invasion of privacy and mandated trust as normal and expected.
CryptoPunk 9y ago
The income tax requires violating privacy rights, which is why many libertarians oppose it.
- Retra 9y ago
  Only if you're committed to the practice of declaring for yourself arbitrary rights.
  - CryptoPunk 9y ago
    Excuse me for thinking I have a right to my privacy. Just because a right is inconvenient to social democratic ideology, doesn't make it illegitimate.

tehlike 9y ago

Very true. The difference is people like to be in the gray area, and treat btc wealth as hidden and nontaxable. Now they will have hard reason to declare their coins and the source of them. On the flip side, i am not sure if there is any reason for "any body else" to know my networth, if i am not generating a taxable event.

garmaine 9y ago

> possessions private from the tax agency? Last time I checked, everyone had to specify everything of value owned, and sign for it, to calculate capital taxes due (I live in the EU). This includes BTC holdings. We have to trust the tax agency to keep tax data confidential. The Us does not have that kind of tax. There is no wealth/capital tax here. There is no tax authority with that information here. And to be honest, I find it abhorrent that you’ve been conditioned to accept that kind of invasion of privacy and mandated trust as normal and expected.

CryptoPunk 9y ago

The income tax requires violating privacy rights, which is why many libertarians oppose it.

Retra 9y ago
Only if you're committed to the practice of declaring for yourself arbitrary rights.
- CryptoPunk 9y ago
  Excuse me for thinking I have a right to my privacy. Just because a right is inconvenient to social democratic ideology, doesn't make it illegitimate.