4 ms·
Wouldn't they only have to be disclosed when they get turned back into usable currency within your jurisdiction?
by packetlost 6y ago
Wouldn't they only have to be disclosed when they get turned back into usable currency within your jurisdiction?
- sneak 6y agoUS citizens are taxed on their worldwide capital gains (and income).
- packetlost 6y agoRight, but capital gains tax is calculated based on the profits relative to the currency in which it was bought and sold with. You have to sell the bitcoin or exchange it for another form of recognized currency in order to pay capital gains on it. This is more or less how stocks work as well.
- Ancapistani 6y agoI believe those are generally only taxed when “realized”.