If crypto is a security asset, do you have to pay tax on their gains in value, or just when you convert it to dollars?
Not looking for legal advice. Just answering some christmas lunch questions.....
Posted Dec 8, 2021, 9:20 AM UTC
017
Every trade mate. Don't think this is low doc. Also.. "stonk" is very silly. It's gambling.
9
gambling
No more so than your average speccy miner.
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[deleted]
-1
Fortunate for the CGT exemption, but does it work in a trust?
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Everything is worth what it's purchaser is prepared to pay for it.....
..... and we should tax every drop.
-7
Death, taxes and leave to appeal refused.
12
Even if I earn these shards? That I can then use to buy items.
Awesome - how are you living tax-free?
0
The latter
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Does the answer change if crypto is useable for the purchase of goods and services directly?
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Yes no CGT then
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ITAA has all the answers
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That's kind of like saying rhe bible has all the answers. Bit pointless if you are re-programming your VCR.
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It isn't legal advice, it's accountancy advice. It could be considered to be irrelevant in the context of the sub though.
It's actually a hugely important socio-legal question. Certainly not legal advice, but rather a conversation starter.
It is my main pick up line.
If they have crypto, it may be a goer.....