3 ms·
Once again - you expect people to somehow magically track the value on 20 hard forks in 2017, many are scam / not listed on US sites / unclear value, and on the
by raybayfay 9y ago
Once again - you expect people to somehow magically track the value on 20 hard forks in 2017, many are scam / not listed on US sites / unclear value, and on the 50 hard forks in 2018? Not possible - not feasible - and goes counter to what many EAs and CPAs are advising their clients. People need to stop giving "couch" advise without considering the consequences.
- tehlike 9y agoBest effort. If you went the lengths to "cash it out" because it was free money, you should pay someone to keep track of it for you, if you don't intend to. Wasn't the whole point of bitcoin that it was auditable? IF you know and want to use a fork for something, you can figure out the exact price fork has happened. IF you don't know, you have plausible deniability.
- raybayfay 9y agoResponded somewhere else; but to be fair hard forks should be unrealized gain with 0 cap gains. IF/when someone wants to cash out is when they should pay the tax. It resolves the bad actor issue with scam coins; meets the need to pay tax on gains and ultimately saves everyone in bitcoin land (or other crypto for that matter) from inadvertently not declaring income. It's a win win for everyone; including the IRS. This is the most common sense approach and it stuns me that many of the couch / tax advisers are positioning otherwise.
- tehlike 9y agoI agree with this, and i hope this is how hard forks are taxed. It makes sense to me.