from Hacker News

The Cryptocurrency Tax Problem – Why Exchanges Can't Provide Users with Tax Info

by dkem1415 on 7/8/19, 3:59 PM with 1 comments

• by mtgx on 7/8/19, 4:19 PM

  > In this case, the solution to the cryptocurrency tax problem hinges on aggregating all of your cryptocurrency data making up your buys, sells, trades, air drops, forks, mined coins, exchanges, swaps, and received cryptocurrencies into one platform so that you can build out an accurate tax profile containing all necessary data.

  No. The solution is or HAS TO BE a change in the law to simply taxing cryptocurrency trades/investment. The currenct solution which has been backdported from the stock market is completely unworkable for the cryptocurrency world.

  There needs to be a much simpler solution, like say taxing 15%-20% of the money whenever you transfer money from crypto into USD, or even the reverse (from USD into cryptocurrency) if the government believes the former is too game-able. Heck, from the government's point of view, the latter may even be preferable to what exists now, because they could see it as a disincentive to buy crypto.

  And yes, of course there will be ways to bypass these taxing system, just like for anything else, including the current system.