Crypto investors face tax crackdown as 70% non-compliant (thepost.co.nz)

In New Zealand...In the US there is a crypto startup running out of the Oval Office: https://democrats-judiciary.house.gov/sites/evo-subsites/dem...

> However, gains made from trading assets, including property, were taxed, and that caught crypto investors as the dominant reason for buying crypto assets is to later sell make a gain, rather than holding them as a long term asset like a home, or rental property.

Unfortunately what constitutes “trading” vs “holding” is ill defined in NZ law. At least with shares you can make a case you’re holding them for dividends, that defence isn’t available for crypto.

> Doyle says many crypto investors mistakenly think they can sell some Bitcoin to buy some Etherium, and that making that a switch like that did not trigger an obligation to pay tax.

Make a stupid rule, be surprised people are non-compliant.

Article seems to suggest if you make gains but lost them later you still need to pay tax on the gain?!

That's strange..

If a country gives you zero practical assurances when it comes to protecting your crypto assets, what is the tax for?

https://archive.is/qs9kj - A mirror which includes the text of the article without having to execute random code from third parties.

Editing out because it can be misunderstood as a defense of tax evasion as per the child comment. I'll leave a quote from the cypherpunk manifesto instead

> We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.

hodl

Perhaps in New Zealand but VERY unlikely in the U.S. what with current governance.

ITT: lots of people who don't understand tax law and would have been caught by this complain about tax law.

Denmark says hold my beer, as usual with taxes. Gains are taxed at 37-51%, as regular income. Losses can only be deducted at about 26%.

You can be in loss from crypto trading and still owe taxes in DK. Yay!

In many countries in EU, real estate is the crypto. The only investment vehicle without capital gains tax. Maybe it's causing demographic catastrophe, but at least few people make a lot of money.

> Doyle says many crypto investors mistakenly think they can sell some Bitcoin to buy some Etherium, and that making that a switch like that did not trigger an obligation to pay tax.

Okay, but what if you use stablecoin in between?

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