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IANAL but example taxable transactions might be to sell bitcoins for a gain, or to use appreciated bitcoins in a barter transaction. Losses are also taxable tra
by paulsutter 10y ago
IANAL but example taxable transactions might be to sell bitcoins for a gain, or to use appreciated bitcoins in a barter transaction. Losses are also taxable transactions, but in a good way.
Mining is awkward, since I believe mined coins are taxed as income on the day they are mined, even if you don't transact.
Best to talk to an accountant, of course, and not rely on the advice of a random HN commenter like me.
- justin66 10y ago> Mining is awkward, since I believe mined coins are taxed as income on the day they are mined, even if you don't transact. The IRS has indicated that bitcoins are property and taxed as such, so that seems unlikely. Do you have a source for this?
- paulsutter 10y agohttps://www.irs.gov/pub/irs-drop/n-14-21.pdf https://www.irs.gov/pub/irs-drop/n-14-21.pdf
- justin66 10y ago(Q-8 is the relevant FAQ on that doc) Thanks.
- Fluxenein 10y agoThanks, that helped. GNU Taler will be something to look forward to now.