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If you held any other foreign currency you would have to track it like this. For example, I live in Canada and if I bought USD and then spent it over the course
by etimberg 6y ago
If you held any other foreign currency you would have to track it like this. For example, I live in Canada and if I bought USD and then spent it over the course of a year in Canada I would be responsible for the capital gain tracked on each expenditure based on the day's exchange rate. It's hard to see how Bitcoin should be any different.
- risho 6y agobecause the goal would be to have bitcoin be an international money, not a national one. i'm not saying people shouldn't pay taxes, i would just suggest that there are better ways to collect it such that it doesn't inhibit progress. as it exists right now it is infeasible to use bitcoin as money day to day and accurately report your taxes.
- wmf 6y agoThere's an exemption for foreign currencies that does not apply to cryptocurrency.