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If you steal potatoes, the government considers the value of the potatoes when sentencing you. That doesn’t mean that when you make a profit selling potatoes t
by learc83 5y ago
If you steal potatoes, the government considers the value of the potatoes when sentencing you.
That doesn’t mean that when you make a profit selling potatoes that you can pay your taxes in potatoes.
- Sytten 5y agoThis correct, to me that would mean paying taxes when switching between fiat and cryptocurrency which I support as one option. What I dont support is taxing when switching in between crytocurrencies. Which in the analogy would be me exchanging my potatoes for carrots. Imagine if I had to pay taxes on my exchanged potatoes while I didnt make a dime on that.
- hayd 5y agoIs it to stop you paying for your carrots, or your rent (et al), in potatoes.. or trading your potatoes for gold rather than fiat to avoid taxation? Governments are incentivised to force all transactions in terms of fiat. That said, I agree it's frustrating that you are liable for what are unrealised price changes (IMO it's not profit until it's in the bank).
- eropple 5y ago> Which in the analogy would be me exchanging my potatoes for carrots. In the United States and in many other jurisdictions, if you realize a profit through commodity exchange, you owe tax on the fair market value of the exchange.