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In Poland there is no checkbox on a tax forms to say "you've dealt with crypto", but every transaction over 10K EUR is reported to the gov, and when I was a UK

In Poland there is no checkbox on a tax forms to say "you've dealt with crypto", but every transaction over 10K EUR is reported to the gov, and when I was a UK tax resident with a Polish bank account my Polish bank asked for my UK tax info to send the details of any such transactions to HMRC in the UK. I suspect it's an EU wide thing. I'm not sure why these 48 countries single out crypto assets like this. You can evade taxes by buying gold, heck, there were schemes that bought tons of steel, mobile phones, anything of value. To me it all seems like just pandering to "crypto=bad" crowd.

ljf 3y ago
All this really is is forcing any company that buys and sells crypto in this locations to do KYC/due diligence and share details with the relevant authorities. Unless you are buying privately, you've had to do the same with any serious amount of gold trading too.
rtkwe 3y ago
Crypto being digital and weightless makes it much easier to hide and move around vs several tonnes of steel or mobile phones.
dist-epoch 3y ago
> but every transaction over 10K EUR is reported to the gov Those reports are not to find tax evasion. They are to detect large scale money laundering and to build aggregate money flow statistics (X billions entered/left country in the last year).
robinzfc 3y ago
> In Poland there is no checkbox on a tax forms Yes, there is, in 2022 it was in PIT 38, sec. E. You need to report purchases even when you have not sold anything as this entitles you to subtract cost when you sell later.
- Roark66 3y ago
  False, in Poland you report income on crypto when you sell and you realise gains. The parent is saying in the US you have to tick a box on a tax form just because you bought some crypto. PIT38 is about reporting income from capital gains, it has nothing crypto specific. Certainly there is no section where you're reporting crypto purchases regardless if you made any income or not. Section E specifically is a summary section where you put totals of tax to pay. There is nothing about crypto in it. Also you only get PIT 38 made up for you if you've made income from(reported directly by the broker): - stocks - short selling - derrivatives - dividend If you didn't and you're not reporting any income from financial instruments you do not report any crypto purchases your pit38 will have all zeroes. Perhaps you confused it with the fact you have to report any shares in ownership of any limited companies, cooperative or other "for profits" you procured without paying for them except when they were exchanged for other shares. This means you have to report shares if your were given them as payment etc. In general it has nothing to do with crypto, but lets say there is an ICO that gives you voting/share of ownership rights like we had with the DAO. And you're a developer, you do some work for the DAO and you're paid with tokens, but you don't sell them. You still have to report this, but that is a very specific situation.

ljf 3y ago

All this really is is forcing any company that buys and sells crypto in this locations to do KYC/due diligence and share details with the relevant authorities. Unless you are buying privately, you've had to do the same with any serious amount of gold trading too.

rtkwe 3y ago

Crypto being digital and weightless makes it much easier to hide and move around vs several tonnes of steel or mobile phones.

dist-epoch 3y ago

> but every transaction over 10K EUR is reported to the gov Those reports are not to find tax evasion. They are to detect large scale money laundering and to build aggregate money flow statistics (X billions entered/left country in the last year).

robinzfc 3y ago

> In Poland there is no checkbox on a tax forms Yes, there is, in 2022 it was in PIT 38, sec. E. You need to report purchases even when you have not sold anything as this entitles you to subtract cost when you sell later.

Roark66 3y ago
False, in Poland you report income on crypto when you sell and you realise gains. The parent is saying in the US you have to tick a box on a tax form just because you bought some crypto. PIT38 is about reporting income from capital gains, it has nothing crypto specific. Certainly there is no section where you're reporting crypto purchases regardless if you made any income or not. Section E specifically is a summary section where you put totals of tax to pay. There is nothing about crypto in it. Also you only get PIT 38 made up for you if you've made income from(reported directly by the broker): - stocks - short selling - derrivatives - dividend If you didn't and you're not reporting any income from financial instruments you do not report any crypto purchases your pit38 will have all zeroes. Perhaps you confused it with the fact you have to report any shares in ownership of any limited companies, cooperative or other "for profits" you procured without paying for them except when they were exchanged for other shares. This means you have to report shares if your were given them as payment etc. In general it has nothing to do with crypto, but lets say there is an ICO that gives you voting/share of ownership rights like we had with the DAO. And you're a developer, you do some work for the DAO and you're paid with tokens, but you don't sell them. You still have to report this, but that is a very specific situation.