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That, my friend, is your problem, and I don't mean that facetiously. You owe U.S. taxes (sales, income, property) in U.S. dollars, regardless of what medium yo
by URSpider94 14y ago
That, my friend, is your problem, and I don't mean that facetiously. You owe U.S. taxes (sales, income, property) in U.S. dollars, regardless of what medium you choose to accept payment in. They don't have to accept the payment in BTC, the law is very specific that the only currency that they must accept is USD.
And, to be very clear, the government is not, in any way, saying thst you can't trade your BTC for dollars. What they ARE saying is that you might have to disclose your identity in return to make that exchange ...
- tomjen3 14y agoOr just stay anonymous and save the tax. Really, do smuglers pay the tax of their profit on frugs, as thry are required to?
- PeterisP 14y agoOf course they are - simply if you can prove the deals, then usually you can convict them of harsher crimes and ignore the tax issue. However, if their defense proves that the stuff they sold was legal (as some new party drugs might be temporarily), then they can still be prosecuted for tax evasion. And, of course, there is the historical case of Al Capone. [edit] See also http://en.wikipedia.org/wiki/Taxation_of_illegal_income_in_the_United_States http://en.wikipedia.org/wiki/Taxation_of_illegal_income_in_t... as noted by another commenter.
- illuminate 14y agohttp://en.wikipedia.org/wiki/Revenue_stamp http://en.wikipedia.org/wiki/Revenue_stamp Some do.
- Gormo 14y ago> You owe U.S. taxes (sales, income, property) in U.S. dollars To pick a nit, sales and property taxes aren't, strictly speaking, U.S. taxes, and the actual taxing authorities - usually municipal governments - could theoretically accept payment via some alternate means.