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Comment by BitwiseFool | Hacker News Reader

What about generating your own wallet? Are EU citizens required to report that when they do?

I believe that the moment you hold valuable assets (i.e. any value of crypto currency) in any wallet, then you should report that (even now).

I have no idea how these new rules will play out, but I can image how exchanges might be forced allow only transactions with "sanctioned" wallets (i.e. traceable to person), and international exchanges not playing complying being blocked from to the EU market.

Good luck.

In parts of the EU, maybe. That's definitely not the case in the US. Do you generally have to report accounts for which there have been no taxable events?

You don't have capital tax? Here in The Netherlands we pay a tax over assets exceeding some value. If you have a million, whether it's sitting a bank, or it's stuffed in your mattress, you have to report it and pay (a small amount of) tax on it.

Afaik we also don't have taxable events, we just have income tax.

The US does not have a capital tax.

The US does have a realized capital gains tax.

Assets contained within a mattress are not realized capital gains, no matter how much their value increases while sitting there.

No there is no wealth tax, just capital gains. No tax until you sell.

No, sir. I lost all my Monero in an unfortunate boating accident.

> I believe that the moment you hold valuable assets (i.e. any value of crypto currency) in any wallet, then you should report that (even now).

First I hear of that. In Germany, you have to report gains you got from trading/selling (both crypto-to-fiat and crypto-to-crypto), but not simply buying any. Do you have a source?

More specifically, you only have to report gains if you sold within one year of buying

In The Netherlands you have to report the total value (in euros) on the reference date because we have capital tax instead of capital gains tax. I don’t believe that you have to specify your wallet address(es).

I buy a gold watch, do I report that too? I buy a trading card, I bought a shiny jewel. We can keep on going down the rabbit hole here.

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