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Always been curious about the tax accounting for ransoms. Does anyone know how it is reported usually? Going public must make it harder I guess? How do you ex
by captn3m0 6y ago
Always been curious about the tax accounting for ransoms.
Does anyone know how it is reported usually? Going public must make it harder I guess?
How do you explain a bitcoin purchase from a business account without an invoice to the taxman otherwise?
- secabeen 6y agoIt's a business expense like most others. In this case, it's considered theft, but you still can deduct it: https://www.forbes.com/sites/robertwood/2017/05/16/if-you-pay-ransom-write-it-off-on-your-taxes/#46e1960e14c4 https://www.forbes.com/sites/robertwood/2017/05/16/if-you-pa...
- Thorrez 6y agoYou don't usually have to report money you spend, at least if you're an individual. You only have to report money you make. If you're a victim you don't make any money. I doubt the attacker is reporting the income for tax purposes, so the attacker is breaking tax law most likely.