Has anyone doing short term trading considered tax implications? Do you think you have to pay short term gains on BTS/BTC trades? If thats the way it works it may be an accounting nightmare.
Do you have a capital gains allowance in the US?
We have short term and long term capital gains... anything held over a year is long term. Long term is substantially less percentage than short.
What I'm wondering is about making trades in the crypto world. Are all crypto's considered the same, and you just take taxes out after you convert back to fiat no matter how many cross crypto trades you had during that time?
I read up somewhere that the IRS have already made a ruling that swapping from one crypto currency to another is considered a "taxable event", so no you have to keep a record every time you make a crypto trade, or else you go to the slammer.
Some here have theorized that trading inside the BitShares blockchain wouldnt be a taxable event, but to me that sounds like wishful thinking. In the UK however gambling is not taxable, so I think you could argue that trading inside BTS is like gambling.
/not an expert