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On the one hand, I can understand this. On the other: as a US citizen, I use it in my daily life, then I file an 8949 every year listing every single purchase
by cge 4y ago
On the one hand, I can understand this. On the other: as a US citizen, I use it in my daily life, then I file an 8949 every year listing every single purchase I made that year, along with tracking of cost bases? I realize that this is a legal, rather than fundamental, aspect of cryptocurrency, but it does make the idea of using cryptocurrency as a quotidian currency rather frustrating compared to essentially any other method, like cash or a credit card.
- orangepurple 4y agoHold my beer I'll build a tool to track that
- r_hoods_ghost 4y agoNo need to. Luckily every transaction has been recorded for you on a public blockchain that is easily traceable to your RL identity! Makes life a lot easier for the IRS and also means your employer can check whethee you've developed a penchant for donkey porn!
- vasco 4y agoThat fact that they can find it out doesn't mean you don't have to report it accurately. Most countries around the world know how much salaried employees make and still require them to declare it in a yearly tax submission and if they do it wrong, they'll get fined. The government knowing has nothing to do with you still needing to accurately report it.
- pavlov 4y agoI don’t know if “most countries” is correct. The USA certainly does this, but most European countries will prepare an automatic tax return for everyone based on the data they receive from employers, banks and brokerages.