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If bitcoin is property, then this should be handled the same way barter is handled. Taxes would be paid on the fair cash value of the property. This is also w
by derekp7 13y ago
If bitcoin is property, then this should be handled the same way barter is handled. Taxes would be paid on the fair cash value of the property.
This is also what would keep USD in use -- it is the only currency the government accepts to pay taxes.
- zacinbusiness 13y agoAh interesting. Would price volatility make this practice too difficult? Or would the market eventually reach a basic equilibrium price?
- derekp7 13y agoActually, I think I stated that kind of backwards. If I sell you a cow for 2 BTC, then I owe taxes based on the cash value of the cow. Same as if I sold a cow for 10 pigs. But, you can't pay taxes in BTC or pigs, so that is one thing that will always keep USD in use.