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Crypto is taxed as income. Everything is taxed as income. You are only taxed on gains if you have a cost basis and are trading the tokens, but otherwise if you
by twox2 5y ago
Crypto is taxed as income. Everything is taxed as income. You are only taxed on gains if you have a cost basis and are trading the tokens, but otherwise if you are compensated via tokens you owe income tax on that whether or not you convert it to fiat.
- whimsicalism 5y agoJust like how it works for stock grants unless you inherited them.
- twox2 5y agoYep, not just stock grants, but anything. For example you find a bug in an airline, and report it and they compensate you as a thank you with 200k airline miles... you now owe income tax on those miles.
- sumedh 5y ago> you now owe income tax on those miles. How do you calculate the tax on that?
- twox2 5y agoBased on the value of the "item" for example airlines will assign a value to these miles ie (100,000 miles worth $1200) - or something like that. Otherwise, I don't know. I'm not an accountant/cpa, but I know that this stuff is taxable whether it's tokens or ketchup packets.
- randombits0 5y agoImagine that, they tax you on a special “number”! Do they accept Crypto? If not, please point to the money they want to tax. They can’t have it both ways. Either crypto is an equivalent to money or it isn’t. If it is, accept it. If it’s not, tax it when the money “appears” out the other end.
- deleted 5y ago[deleted]
- 8note 5y agoThe government does not accept RSUs at tax payment. Instead, you pay tax as if you were paid the amount said RSUs are worth at the time you received them. Basically the current trade value for the non-dollar item is your income on it.