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> Overstock, Steam, lots of VPS and VPN services, as well as many other online stores take bitcoin. Under current US tax laws, every time you purchase somethin
by nugget 9y ago
> Overstock, Steam, lots of VPS and VPN services, as well as many other online stores take bitcoin.
Under current US tax laws, every time you purchase something with BTC, you need to calculate the cost basis in that individual lot of BTC and then determine if capital gains taxes are owed, and if so, then remember to include them on your tax return for the year. Do you have the discipline to do this? I don't. Hopefully the laws change to become more pragmatic in the future, but until then, it's pretty much DOA if you want to remain totally tax compliant.
- CyberDildonics 9y agoWallet software already keeps track of your transactions.
- lawrenceyan 9y agoThat sort of defeats the purpose of an anonymous decentralized transaction service no?
- CyberDildonics 9y agoHow so? It keeps track of them in the same place as the private keys - a local encrypted wallet file. Have you ever used bitcoin or any cryptocurency? Are you sure you actually understand them?