full image - Repost: How many of you hope to avoid paying taxes on crypto? (from Reddit.com, How many of you hope to avoid paying taxes on crypto?)
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With the end of the financial year looming more posts have been popping up in relation to doing your taxes or what the tax implications are for buying,selling or staking.I’ve seen some really informative posts for US and UK traders and a real split in terms of sentiment from people around here when it comes to taxation of crypto. Broadly speaking people seem to fall into two camps:Taxation of crypto is a good thing, it’s fair and makes sense. I’m happy to pay my share and it helps legitimize the ecosystem.Fuck the IRS/HMRC they can go and suck a bag of dicks before I let them near my 12$ of profit.I’m curious what peoples thoughts are, I’m sometimes undecided. I’ve paid tax on my earnings already so anything I put into crypto has already been taxed in a sense but at the same time I am ok with paying a further percentage on profit over a certain threshold. Less keen on the idea of taxing staked income though although I can’t give a rational reason for why.Also interested in whether you see the powers that be getting their shit together and actively coming after small time traders any time soon? I know some people make big profit but lots of us are making gains of less than 1-2k per year, if that, and I don’t know if I can see the taxman coming after us for that in the near future!
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