Still, I'm wondering how one is to define that period. If a German sends off
20.000 DEM 10.000 EUR to MtGox and buys 125BTC, and transfers it to his private wallet there is no question. It's easy to tell from the blockchain.
But what if the same German puts in the same amount at MtGox, but trades a bit and ends up with 150BTC after a year. Can he then sell those 150BTC without tax, or 125BTC, or whatever amount that has always stayed in BTC (say 50BTC) -Or will he have to withtdraw them and keep them in cold storage for a year?
I am wondering as I would not be surprised if the rules become the same where I live.
BTW: The flip side is that no tax on surplus, means that you cannot deduct losses either.
The tax exempt doesnt apply to day traders or even if you exchanged them once during the period.
Its another thing how the friendly tax collector can prove you traded.