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If someone pays me for a service in bitcoins (e.g. GPU rental), what dollar amount do I report for income? The dollar value of the bitcoin at the time I was pai
by akeck 9y ago
If someone pays me for a service in bitcoins (e.g. GPU rental), what dollar amount do I report for income? The dollar value of the bitcoin at the time I was paid? The dollar value on 12/31/2017 at 23:59?
- heptathorp 9y agoYou owe income tax on the value at the time you earned the income... If you later sold it for more, you owe tax on the gains.
- k-ian 9y agoyes. then when you sell the btc for usd, you pay the capital gains tax (probably 15%, it depends) on the difference from the price it was accepted at, and the price it was sold at