US TAX on Crypto

[silent17]

It is said that U.S. Citizens needed to report their income and losses on cryptocurrency
Most of the many of Bitcoiner is not paying tax according to this link:
https://www.cnbc.com/2018/01/30/cryptocurrency-and-taxes-what-you-need-to-know.html

The only question is that why is the U.S. is requiring their people to pay tax when they earn in crypto if they are not recommending the use of this currency?
I think they only concern about money that they can get to people.

[21millionsbtc]

Every country wants to tax crypto in whatever proportion they can . govt can regulate for tax collection but cant ban no country can ban

[squatz1]

Well, it doesn't matter if they support BTC or not, they don't care about supporting a currency. Cause they know this isn't the time where Bitcoin is big enough to pose a threat to them, nor the banks, nor anyone in politics that needs the control of the economy. They tax what they tax cause they want and need the money to continue fueling what they do in government.

Though bitcoiners will start to pay taxes, as they're starting to see the IRS get involved in Crypto and cracking down and people really don't want to get in trouble with the authorities.

[BTCwin1]

The state CARES only about how much tax it can charge.
They don't care whether it's legal or illegal, they just care how much money they can get.

[BillCoin]

That's why I hate regulators so much.
On the first hand they are against bitcoin and they  will do anything to prevent the use of cryptocurrencies.
And on the second hand they want us to declare earnings and to pay high taxes.
Most of the people I know in the United States are just selling their bitcoins via LocalBitcoins for cash and use the cash, if you are not moving through banks then you can run away without declaring.
If you made a large amount of money from cryptocurrencies, I think the best option would be to move to a country that supports crypto, and the whole process would be easier and the fees are going to be much lower.

[tech72]

It's good that they want to tax it. Even though, putting it as a currency is not a viable option, even gold isn't a form of currency. The Bitcoins were mined by some random people and if they somehow make it legal then no one can reject accepting Bitcoin as payment. It will be a chaos.

[penig]

It is said that U.S. Citizens needed to report their income and losses on cryptocurrency
Most of the many of Bitcoiner is not paying tax according to this link:
https://www.cnbc.com/2018/01/30/cryptocurrency-and-taxes-what-you-need-to-know.html

The only question is that why is the U.S. is requiring their people to pay tax when they earn in crypto if they are not recommending the use of this currency?
I think they only concern about money that they can get to people.

US recognise Bitcoin as an asset and US taxcode tells you must declare profits/losses on assets.  Its same as if you traded shares or artwork, and you dont see anyone recommending use of them for currency.  Taxation rather than prohibition is tacit acceptance, embrace the acceptance.

[supremedark]

They just want their slice of the cake plain and simple...