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I'm not at all advocating tax evasion, rather pointing to the fact that bitcoin is currently terra incognita which the government does not know how to handle.
by yuvadam 14y ago
I'm not at all advocating tax evasion, rather pointing to the fact that bitcoin is currently terra incognita which the government does not know how to handle.
As far a the country I pay taxes in is concerned, if I told them I'd like to declare an income of 100BTC, they'd have no fucking clue what weird funny money I'm talking about.
Governmental recognition and adoption of BTC alongside existing currency is the best case scenario for everyone, governments and BTC community alike.
- brian_cloutier 14y agoIn America, at least, you should denominate your earnings in USD, even if they are held in a foreign currency. "If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars." http://www.irs.gov/publications/p54/ch01.html#en_US_2012_publink100047340 http://www.irs.gov/publications/p54/ch01.html#en_US_2012_pub...