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re: Crypto and taxes.
Posted on 7/22/21 at 1:25 pm to GumboPot
Posted on 7/22/21 at 1:25 pm to GumboPot
quote:
We now have to pay gains taxes on all products that reduce in price?
ETA: can I declare losses on purchases on goods that go up in price?
It has nothing to do with the goods and their prices.
It has everything to do with the fact that the IRS has classified crypto not as a currency, but as a security.
Does it make sense? Well... most currencies don't fluctuate in value like crypto does.
This could all be changed by changing the law, by the way.
2
Posted on 7/22/21 at 1:34 pm to LSUFanHouston
quote:
It has everything to do with the fact that the IRS has classified crypto not as a currency, but as a security.
But the SEC has not declared the crypto as a security (only for three original owners of Ripple). Why the difference between the IRS and the SEC?
I think you mean the IRS has declared crypto as property, right?
Posted on 7/22/21 at 4:55 pm to LSUFanHouston
quote:
It has everything to do with the fact that the IRS has classified crypto not as a currency, but as a security.
Is it a security? There's no wash sale rule. I think it's considered property.
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