“Until the IRS rules differently, if you are holding highly appreciated Bitcoin you probably won’t be taxed until you dispose of it. That should be easy to track if you buy Bitcoin for cash and then sell it for cash. The difference is income, either capital or ordinary. But if you swap for either services or goods on either or both ends, determining value may not be so easy. Bitcoin may be accepted as currency and may not be easy to trace, but so are trades and barters. Most Bitcoin transactions probably aren’t on the tax radar. The IRS may not know about your swap unless you receive a Form 1099. Still, the IRS says you must report any income regardless of whether you receive a Form 1099.”
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
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