3 ms·
This is bad for everyone. Holy crap do we need reform.
by mkirklions 9y ago
This is bad for everyone.
Holy crap do we need reform.
- maxerickson 9y agoWhat reforms do you propose? It seems perfectly reasonable to me that income is income regardless of whether it is dollars or magic beans and that gains on investments are taxed largely without regard for the form of the investment.
- AYBABTME 9y agoI'd expect that converting from 1 cryptocurrency to another doesn't count as a gain until it's turned back into a country issued currency. They're basically the same unusable[1] asset under a different umbrella. [1]: if we're pragmatic about it, cryptocoins can't be used for much on their own
- sokoloff 9y agoThis is no different than selling one Vanguard fund and buying a different one. There is a notional to/from USD implied in the conversion, even though Vanguard lets me do it in a single transaction.
- AYBABTME 9y agoI thought there was something about selling/buying an asset of the same class within a certain period not triggering a tax event or something? The thing that tax-loss harvesting is based off.
- sokoloff 9y agoYou might be thinking of one of two things: 1. Wash sale rules (where buying a substantially identical security within 30 days before or after a sale-for-a-loss disallows the loss) 2. Section 1031 exchanges
- spookthesunset 9y agoReform on what? You sell an asset you pay the tax on your gains. This construct has existed forever. The fact that you didn't sell the asset for fiat and instead bartered it for something else is immaterial in the eyes of almost any tax code in the world. The only reform I see needed is that exchanges could help facilitate reporting these transactions.