If I buy btc or eth, or some other shit coin, do I have to pay

>>2258465
Are you American? Then yes... You owe capital gains on your gains.

The IRS is offing new guidance in the coming weeks, though, so I fully expect to get rammed in the ass when they present their proposals to Congress.

>>2258465
Tax man wont know what you have in your hidden wallet.
However if you turn that to fiat currency and don't want to launder it then you should pay your taxes

>>2258479
>>2258483
Yes, I'm american. I just don't understand how they can tax you in crypto, when it's not even getting coverted to "real money" at all. Is there some official government taxes page with info on this?

>>2258465
if you never cash out then they can't really tax you

technically you have to pay taxes every time you make a crypto to crypto trade however

>>2259063
>technically you have to pay taxes every time you make a crypto to crypto trade however

explain?

does this mean every time you make a small transaction you're taxed 25% on it?

>>2259063
this sounds like a logistical nightmare. they can suck my dick if they think i'm gonna be keeping thousands of lines of records of me fucking around with 100$ going back and forth from BTC to ETH

>>2259097
it's stupid as fuck and nobody will follow the law

>>2259111

like tracking shit through multiple exchanges and their different rates on coins, and all the hundred of micro-transactions. there is absolutely no way for them to enforce this shit on even 1% of the coin community

>>2258520
>>2259089
Daquan buys $5 of ghetto coin. After one year Daquan's ghetto coin is worth $10.

Daquan goes to the corner store and spends his $10 of ghetto coin on purple drank and watermelon.

Daquan's ghetto coin went from $5 to $10 and he spent all of it so he experienced a capital gain of $5. Daquan owes the IRS 20% of that $5 in long term capital gains tax and 5% to his state tax agency.

It doesn't matter if you're buying purple drank with appreciated assets or the shitcoin of the week the same principal applies.

>>2259153
Fuck that, taxation is the biggest cuck you could fall for