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Does sending Bitcoin to the payment processor count as a taxable event for you since the bitcoin will be sold for dollars? If not, that's a big deal.
by rafale 5y ago
Does sending Bitcoin to the payment processor count as a taxable event for you since the bitcoin will be sold for dollars? If not, that's a big deal.
- endisneigh 5y agoYea.
- Retric 5y agoIt counts as a taxable event.
- atlantas 5y ago“In Colorado, we’ve been laying the groundwork to be a center of crypto and blockchain innovation for a number of years. We see it as a critical part of Colorado’s overall innovation ecosystem,” shared Polis. If the governor is serious about this he will push to remove the tax, as some countries have. It'll be hard to be the center of crypto innovation while taxing transactions.
- tzs 5y agoAt most the governor could (with the help of the legislature) remove Colorado state taxes. He can’t do anything about federal taxes which would probably be the biggest concern for most people.
- bagels 5y agoThey don't get to choose whether it is for the IRS.
- rafale 5y agoSo it's effectively a gimmick. "Pay with bitcoin, and if u are in profit, it's gonna cost you a 20-35% extra!"
- deleted 5y ago[deleted]