So, if you live in the US, you’ve heard that the new tax regulations have changed and may heavily affect people who trade multiple times on a daily basis. However, where’s the clarification. So, we know or assume that anytime we cash out there’s a capital gain tax on the profit we made from when we initially bought it. Apparently, it’s been questioned now that anytime we trade a cryptocurrency for another, we may have to pay capital gain tax on that as well - even though it doesn’t touch USD during the trade. Is this true or was cryptocurrency not taken into consideration when this tax law was being passed? If this is true, starting Jan 1st 2018, anytime you trade cryptocurrency for another coin, the gain or loss needs to be reported. Most people in this space don’t agree with this and is causing frustration through all the people who trade frequently. The new law states that like-kind exchange applies to real property only. So, far we’ve seen tons of people in videos and forum complaining about it, but it seems no one is trying to see what we can do for a fair tax. I personally believe we should only be taxed when we cash out...... ,but then again if all the purchases you make are with Bitcoin and you really have no need of using USD for much of anything - it seems this is a way to prevent people from evading taxes. We need more clarification and if this is all true, maybe cryptocurrency needs it’s own tax regulations. I think paying taxes, although isn’t fun, it’s the fair thing to do. What do you think?
