Opinion
We don’t tax houses while they’re under construction, and we shouldn’t impose taxes on cryptocurrency while it’s staked.
1980
Taxes News
It is hard to define cryptocurrency taxes, because there is a lot of controversy surrounding it today. Society still has no consensus even on whether digital currencies are a property or a currency, and that triggers a huge difference in taxation procedure. The speed of exchange rate flows makes it impossible to establish a taxation time period equally suitable for everyone. Also, there are a lot of cryptocurrencies that were particularly designed to protect user’s anonymity and their protocols wouldn’t allow any government to tax it.
As cryptocurrency market is growing, and its sheer dollar value makes it more likely to catch an attention of regulators. Cryptocurrencies are also a great way of money laundering, so no government will be able to ignore the subject. Today there are a lot of news about new cryptocurrency taxes laws and it looks like there will be more over time.
- News
Those wishing to offer feedback to the IRS on having NFTs treated as collectibles, such as coins or works of art, have until June 19 to submit comments.
6662 - News
The recent national budget, published by His Majesty’s Treasury, announces the amendment of the self-assessment forms for crypto assets.
9261 - News
Earlier this week, the Ethereum co-founder sold $700,000 worth of “shitcoins.”
11751 - News
The tax would be phased-in at 10% per year over three years and covers electricity generated from both on and off-grid sources.
20105 - News
The new integration allows crypto users to automatically fill out the crypto portion of Form 8949, which is used to report capital gains and losses from investments for tax filings.
28711 - News
The Biden administration reportedly wants to apply the wash sale rule to crypto, which would end a strategy in which a trader sells and then immediately buys digital assets for tax purposes.
20056 - News
The government of Thailand expects that investment token offerings could generate more than $3.7 billion in the next two years.
3824 - Follow up
A D.C. court denied a motion to dismiss claims that Michael Saylor failed to pay personal income taxes, with a status conference on the matter scheduled for March.
3471 - News
Bitcoin evangelist Jack Dorsey’s Cash App is making it easier for BTC holders to calculate their taxes with the TaxBit integration.
3512 - Podcast
The Agenda podcast discusses the importance of financial literacy and education in Part 2 of a conversation with BTC advocate and entrepreneur Najah Roberts.
1447 - News
The move will allow Brazilian taxpayers to easily settle their tax liabilities while expanding “access” to the digital asset ecosystem.
8728 - News
The new tool helps users access tax details aligning with their crypto activity to help report information during the upcoming tax season.
7059 - Analysis
Reporting cryptocurrency when filing taxes can help investors offset their losses.
7721 - How to crypto
Crypto tax-loss harvesting is a strategy used by investors to offset capital gains in their crypto investments by selling losing positions at a loss.
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