3 ms·
I think yes, might be wrong but it's logical (logic and taxes don't always mix, so I may be wrong). You bought Bitcoin at $1 and sell at $8000 to pay for a hou
by tryingagainbro 9y ago
I think yes, might be wrong but it's logical (logic and taxes don't always mix, so I may be wrong).
You bought Bitcoin at $1 and sell at $8000 to pay for a house, you need to declare income of $7999 for each Bitcoin at the end of the year or else...
- badloginagain 9y agoIt makes sense, I guess the question is if there's language in the tax code for alternative payment sources. It's not unreasonable that someone could trade their car, and 300 shares in Google; in exchange for something of equal value. If there is, it sucks because you're getting hit doubly for taxes on the item you're paying and the capital gains you'd be taking.
- tryingagainbro 9y agoIn USA even if you sold cocaine...or your mom, you need to declare it on income taxes. They might not catch selling cocaine but if they catch you with undeclared cash, they'll Al Capone you. I'm almost certain that all countries have a catch all phrase to include any gains /income.
- charlesdm 9y agoNot all countries have capital gains tax, so no.
- deleted 9y ago[deleted]
- matt_wulfeck 9y agoAt the same time capital gains on such a stellar return is pretty amazing problem to have.