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RE: CRYPTO COIN TAXATION....*SEE CRYPTOTAX'S NEWEST TAX ARTICLE*.....
My taxes get more complicated every year it seems. Trading stocks is a fun hobby until you have to file taxes for the year. I can only imagine the burden of trying to equate every coin transaction I've made to dollars.
I probably will overestimate any gains slightly to try and avoid scrutiny from the tax man. I've had to refile 2/5 of the past years and it was a real pain. I really wish the government would simplify the tax code. I don't mind paying taxes. I just hate how complicated they make it.
Believe me...I'm in the business and it scares me what I don't know not to mention how complicated things have gotten...it's blasphemous to say...but I would be in favor of a flat simple tax...just don't ever see it happening in my life time...
Agreed--I doubt we'll see the tax code simplified any time soon if ever at all. I think there's currently about 70,000 pages of tax code for the US and the IRS adds to it every year.
I think a flat tax / VAT / national sales tax would be a decent way to go IF they eliminated all the other crap that we have now.