The Taxman Cometh: US, Russian Investors Face New Calls To Pay

IT.com

JulienJ

Member
Bitcoin traders face new tax obligations in the US and Russia as authorities keen to get a piece of the action begin ‘tweaking’ laws. As Fortune and others report today, a tax reform amendment Congress passed this week will oblige crypto-to-crypto handlers to pay tax on any gains. The change in the status quo comes as a low-key change in legislation closes a loophole which previously allowed so-called “like kind exchanges” to occur tax-free.

‘Like kind’ exchanges allowed one cryptocurrency to be exchanged for another without triggering a taxable event, as long as fiat was not involved. This allowed capital gains to continue growing tax free. Now, however, that option will cease to exist in the US, applying only to real estate from 2018 onward.

In Russia meanwhile, cryptocurrency sales for fiat are attracting the attention of tax authorities, which now require taxpayers to come clean about any profits.

An anonymous holder told local media outlet Business FM about manual declaration of crypto tax liabilities:

“I don’t think it’s the right approach. More likely lawmakers should create a mechanism through which further transactions can be followed either automatically or via banks.”


Source
 
a tax reform amendment Congress passed this week will oblige crypto-to-crypto handlers to pay tax on any gains.

I don't know much about Russian tax law, but from what I'm reading in the US, a lot of accountants already assumed that there was tax in this situation already, so not necessarily a change, more a clarification.
 

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