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You pay taxes for your interest payments from the bank on your bank account. In this case it looks like crypto is being taxed as a security, which makes sense.
by Espressosaurus 4y ago
You pay taxes for your interest payments from the bank on your bank account.
In this case it looks like crypto is being taxed as a security, which makes sense. Just because it's ON THE INTERNET doesn't mean the government doesn't get its cut.
- kragen 4y agonot paying taxes on interest payments doesn't seem to be part of the definition
- Espressosaurus 4y agoDid you receive the security? That's income, you owe the IRS money. Did you sell the security and realize a profit? That's also income, you owe the IRS money. At a macro level it's not hard to understand unless you want to be a special snowflake and pretend this thing you're doing is NEW and DIFFERENT and somehow not income, in which case maybe the IRS doesn't get its cut. Chances are you're just deluding yourself or are relying on the IRS not coming after you.
- kragen 4y agoyou may have intended to respond to someone else, since this doesn't seem to pertain to my assertion that this definition of 'digital assets' seems to include dollars in a bank account