For many years, due to the peculiarities of the US Tax Code, some operations with crypto-currencies were not taxed. Donald Trump decided to fix it. Since January 1 of the 2018 year, all transactions with crypto-currencies, including the exchange between will be taxed. All new amendments were made to the tax code, according to the press.
Officials in the USA came up with the idea of how to impose profits from bitcoin and other currencies a long time ago. Crypto-currencies were built in the legal field. Since 2014, their holders are required to pay capital gains tax, but only when they exchange the Crypto currency for ordinary money.
The tax code was a loophole that allowed Americans to exchange works of art and real estate without paying taxes. It also spread to the exchange of crypto-currencies. But now this will be stopped, and even exchange transactions will be taxed. How can the US authorities verify what their citizens are doing with crypto-currencies? Experts can easily explain.
They say that the cornerstone decision was handed down by the court of San Francisco, just two weeks ago, obliging the exchange Coinbase to provide information on 14 thousand accounts of holders of crypto-currency wallets, participants of this exchange. These data in the US are no longer a secret or an opportunity to protect themselves from taxation in order to obtain the information that is necessary for the US tax to calculate and collect tax amounts.
Crypto currency, which the US citizen has kept for less than a year, goes under the standard American personal income tax with a progressive scale of 10% to 37%. Digital tokens, which are stored for more than a year, are subject to a long-term capital gains tax rate of up to 24%.