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cwyers statement is the one that implies all bitcoin transactions have to be reported and taxed. Why would the IRS care about transactions that don't? The stat
by jsprogrammer 11y ago
cwyers statement is the one that implies all bitcoin transactions have to be reported and taxed. Why would the IRS care about transactions that don't?
The statement is only relevant to my comment if the IRS requires all transactions to be reported and taxed. Typically I assume replies to my comments are relevant. That is why I made the inference I did.
- cwyers 11y agoThat wasn't my implication, and a bunch of people around here have understood that, so I don't think it was a problem with me being unclear. You have to pay taxes on any Bitcoin transaction you would pay tax on if the same transaction was conducted in cash or gold or any other similar medium of exchange. Which contradicts your "if governments want to collect tax on Bitcoin transactions, they will need to run a mining farm" statement without being a blanket statement that every blockchain transaction needs to be taxed.
- jsprogrammer 11y agoThe tax is on the underlying physical exchange of goods or services, not on placing an entry in the blockchain.