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Anonandon

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15/05/25

11:36

Post #: 79054030
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Originally posted by Geoff12345: ↑

They would have only made 'an absolute killing' if they exchanged them for US$ or any other currency.

I do note tho' that there would be no need to tell the Gov. at tax time how much Capital Gain you made in the previous year.
Unlike shares the Gov. has no idea who owns what in the crypto space. Only a fool would disclose that he sold a lot of a cryptocurrency
in the previous tax year. Paying 40% of your CG to the Gov. as CGT would be a painful exercise.

Can anyone out there who works for the Fed. Gov. enlighten us as to how the Gov. checks on Capital Gains from crypto, precious metals or
other assets such as art etc.??

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That is terrible advice. Every exchange has KYC requirements and every transaction is trackable. The government knows who owns bitcoin.

Price at posting: 0.0000 Sentiment: Hold Disclosure: Held
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Bitcoin discussion, page-171

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