4 ms·
if i buy $1 worth of bitcoin today and the price of bitcoin appreciates to $10 per bitcoin, i'm now wealthier and won't have to pay taxes as long as i transact
by hisabness 13y ago
if i buy $1 worth of bitcoin today and the price of bitcoin appreciates to $10 per bitcoin, i'm now wealthier and won't have to pay taxes as long as i transact in bitcoin. for example, i can probably now by 10 cups of coffees instead of one as long as i can pay for the coffees in bitcoin.
- gnaritas 13y ago> i'm now wealthier and won't have to pay taxes as long as i transact in bitcoin. False, you clearly aren't understanding what's being said. Transacting is a taxable event, you owe money on the gains.
- gamblor956 13y agoJust to make it clear what gnaritas is saying: As long as you hold your bitcoins and do nothing with them, you're not subject to tax. You are taxed on your bitcoin gains when you transact in them (or, correspondingly, may take a loss) because that is when your increased wealth is actually treated ("recognize") as income.