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Sharkey

Tracking the Token Taxonomy Act

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Thanks for the legit source.  This would be very helpful for taxes, and a long time coming:

"add an exemption to the “like-kind exchange” provisions of Section 1031 of the Code for virtual currency, which would allow a like-kind exchange of virtual currency to be treated as a non-taxable exchange, similar to the current treatment of real property under Section 1031; ."

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20 minutes ago, xrphilosophy said:

Thanks for the legit source.  This would be very helpful for taxes, and a long time coming:

"add an exemption to the “like-kind exchange” provisions of Section 1031 of the Code for virtual currency, which would allow a like-kind exchange of virtual currency to be treated as a non-taxable exchange, similar to the current treatment of real property under Section 1031; ."

Agreed.  As a US citizen, I really don't appreciate being ****ed by the taxing authorities with so much ambiguity in the current tax laws, which I have elected to interpret conservatively, and to my own detriment, when I'm quite sure that many others have instead avoided to do.  It would be really great to have a (distant) hope of *someday* having clarity, no less getting a retroactive refund for what I've paid to date! 

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2 hours ago, Sharkey said:

Each of the amendments would be effective retroactively for sales or exchanges on or after January 1, 2017

Totally missed this part, @Sharkey

Let me get out my checkbook to make several checks out to several re-election campaigns... :JC_thinking: 

Edited by Hodor

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46 minutes ago, Hodor said:

Totally missed this part, @Sharkey

Let me get out my checkbook to make several checks out to several re-election campaigns... :JC_thinking: 

HA!   That's ONE re-election cause that EVERYONE should embrace!  LOL.  

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If you're going to rant, can you at least use proper English and punctuation, especially when replying to someone with a law degree and properly scored high on his LSAT. 

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16 minutes ago, TheXRPer said:

If you're going to rant, can you at least use proper English and punctuation, especially when replying to someone with a law degree and properly scored high on his LSAT. 

Point taken, but I don't think the ranter is likely to read this commentary in this forum, however.  :drinks:

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Crypto Regulation is a mystery to me. If Warren Davidson introduced this Bill in Dec 2018, what type of regulation was being worked on prior to that? Is Davidson a self appointed champion of this space or does he chair a specific committee charged with regulation? Seems to me without regs, ICE and others will be sitting on their hands.

I really don’t know exactly who or what group is responsible for the tax laws for crypto. 

Anyone, please weight in. 

 

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