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No, you just need to pay income tax on the USD you get from converting the bitcoins.
by cube13 14y ago
No, you just need to pay income tax on the USD you get from converting the bitcoins.
- 0x0 14y agoI think you're wrong. What if you got paid in EUR? Could you delay income tax by not converting EUR->USD?
- lotharbot 14y agohttp://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Foreign-Currency-and-Currency-Exchange-Rates http://www.irs.gov/Businesses/Small-Businesses-&-Self-Em... > "you must immediately translate into dollars all items of income, expense, etc. (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. Use the exchange rate prevailing when you receive, pay, or accrue the item." This is fairly straightforward -- if you get paid in EUR, you have to use the exchange rate from when you get paid and declare your income in equivalent USD. Given that bitcoin calls itself a currency, I would expect the IRS to treat it the same way.