3 ms·
Since the IRS has given a statement on BTC, people who had bought it last year and sold near the peak for USD or products/services have now realized that they o
by sxp 13y ago
Since the IRS has given a statement on BTC, people who had bought it last year and sold near the peak for USD or products/services have now realized that they owe a significant amount of taxes. So they now have to sell more BTC to get enough cash to write a check to the IRS. Thus the supply of BTC will increase and the price goes down.
The smarter thing would have been to sell the BTC and then put away X% in a savings account (or a stable investment) with a plan to pay that money to the IRS. Then the (100-X)% could be spent freely without issue.
- dragontamer 13y agoRegardless of how the IRS was going to do things, you were going to owe significant taxes anyway. There were only two choices: Tax BTC as property, or Tax BTC as currency. In both cases, you owe somewhere between 15% to 30% of your earnings to the IRS.