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Interesting, thanks for correcting me. It looks like there may be an exemption for small amounts under $200 (https://smallbusiness.chron.com/foreign-currency-e
by cwkoss 7y ago
Interesting, thanks for correcting me.
It looks like there may be an exemption for small amounts under $200 (https://smallbusiness.chron.com/foreign-currency-exchange-tax-issues-77894.html https://smallbusiness.chron.com/foreign-currency-exchange-ta...), which would make Bitcoin much more functional (if it would apply to Bitcoin anyways, mute point as BTC is classified as an asset), but not to the extent of my misconception.
- xur17 7y agoThe lack of a de minimis exemption for bitcoin is key here, and a major way in which it's not treated like a foreign currency.