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Just out of curiosity, are you a tax lawyer/whatever-lawyer-is-entitled-to-make-this-claim?

• rprasad 15y ago
  His statement is legally accurate. When you engage in a trade transaction (as opposed to cash), the "income" from the transaction is the fair market value of the items/assets/property exchanged, at the time of the exchange. The problem is that taxes aren't due until the end of the quarter (for businesses) or year (for individuals). Even if the value of the bitcoins has dropped, you owe taxes on the value when received. On the other hand, if the value has gone up, you don't owe any additional taxes until you use the appreciated bitcoins in another transaction.
  • pessimizer 15y ago
    That sounds super complicated and like an opening for somebody to write some software.
  • sukuriant 15y ago
    Thank you for clarifying