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If I am a merchant who accepts crypto as pent what is my tax liability? How do I determine my cost basis if I only price my goods in crypto?
by jklein11 7y ago
If I am a merchant who accepts crypto as pent what is my tax liability? How do I determine my cost basis if I only price my goods in crypto?
- sokoloff 7y agoYour cost basis is in notional USD as a US taxpayer. It’s not different than if you bartered for sacks of wheat and priced everything in sacks of wheat. (Actually, it’s probably more clear what the BTC/USD cross is than what the SoW/USD cross is.) If you took the midpoint of any spread, you’d almost surely be safe. You could also probably argue to use a different point in the spread as long as you do it consistently.