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Not reporting capital gains on a cryptocurrency sale would also be illicit, and I doubt they checked everyone's tax returns.
by jl6 5y ago
Not reporting capital gains on a cryptocurrency sale would also be illicit, and I doubt they checked everyone's tax returns.
- TacticalCoder 5y ago> Not reporting capital gains on a cryptocurrency sale would also be illicit... That's really a US-centric view of things. There are places with 0% tax on capital gains and no need to report any.
- ska 5y agoIt's not really US-centric, although it is an assumption. At least a large fraction of jurisdictions require reporting of this, and may also require it for transfers, FX etc. It's probably a reasonable assumption that a significant amount (majority?) of blockchain activity is breaking tax and reporting laws somewhere, albeit some of it a mostly technology-outpacing-legislation way rather than intentional.
- olliej 5y agoI suspect even the places with 0% tax on gains, you're required to report the income. That said: The places with 0% gains are generally low population, as an individual you don't get to choose where to report taxes - you report taxes wherever you are resident. Getting to avoid taxes remains a privilege for corporations and those rich enough to justify exciting trust games.
- BLKNSLVR 5y agoThat's yet another example where the mighty US dollar would dwarf cryptocurrency. Along with money laundering and buying drugs.