w1retap
[H]F Junkie
- Joined
- Jul 17, 2006
- Messages
- 13,713
http://bitcoinist.com/cryptocurrency-investors-lose-tax-break/
1. So, how will everyone be handling this? For one, I don't have records of all my transactions, since some were done on exchanges that are long gone, or wallets that are long gone. Maybe those are exempt since the rule kicks in Jan 2018.
2. As far as cashing out goes, I'm sure that will be cracked down upon as well. I'm trying to come up with a legal strategy to cash out in the future to pay minimal taxes on this. I'm thinking of possibly using a donation method or gift method.
Anyone care to share some insight? -- remember, keep it legal so the thread doesn't get closed.
Starting Jan. 1st, 2018, all cryptocurrency trades will be a taxable event, including swapping one cryptocurrency for another.
1. So, how will everyone be handling this? For one, I don't have records of all my transactions, since some were done on exchanges that are long gone, or wallets that are long gone. Maybe those are exempt since the rule kicks in Jan 2018.
2. As far as cashing out goes, I'm sure that will be cracked down upon as well. I'm trying to come up with a legal strategy to cash out in the future to pay minimal taxes on this. I'm thinking of possibly using a donation method or gift method.
Anyone care to share some insight? -- remember, keep it legal so the thread doesn't get closed.