(cryptocurrency)
Glad I never owned any.
The digital Currency is about here I think - what with a test by the Fed already done. ✅✅✅
What’s fun about this is that it is possible to gift some kinds of digital assets to people whether they like it or not even if they’ve never signed up for an account or wallet (just as you can slip cash under the door at their house). Politicians who have railed against cryptocurrency, bankers and such who have done the same, have commonly gotten gifts of ethereum and other crypto in response. By rights, they should have to answer this question correctly and admit what they’ve received or face consequences. (Note that the gifts are traceable with blockchain technology, so anyone can report them if they answer wrongly.)
Another thing they did was to eliminate the deduction for charitable donations for taxpayers who don’t itemize. Monetarily not a huge deal since the deduction was limited to a few hundred, but annoying nonetheless.
THIS is the SAME FED GOV’MT that wants to change us ALL over to Digital money???
Think about how many politicians this might trap.
And that’s not the half of it. If somebody purchases a digital asset, such as bitcoin, it is treated as property for capital gain/loss purposes by the IRS. So, let’s say you buy a bitcoin in January 2021 for $15,000, then sell it in April 2022 for $20,000, you would have to treat the sale as a long term capital gain (held more than 1 year, basis is $15,000, sale is $20,000, gain of $5,000). That would necessitate the taxpayer filling out a Schedule D and Form 8949 and attaching them to their return.
Joke’s on them... nobody actually made any income from a ‘digital asset’ in 2022.
Ready for the FAIRtax, yet?
We will NEVER be a FRee country so long as we have the Marxist inspired “progressive” income tax and an IRS!
Help us replace the income tax with the FAIRtax and ABOLISH the IRS.
Go to https://www.fairtax.org to find out how you can help us.