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For 2), surely you would have to pay capital gains tax on the increase in value. To be fully compliant with the law, it may be hard to enforce in reality.
by pathy 12y ago
For 2), surely you would have to pay capital gains tax on the increase in value. To be fully compliant with the law, it may be hard to enforce in reality.
- runeks 12y agoDepends on your country of residence. In the US, I believe this is the case, in Denmark, this isn't the case (http://taxinsights.ey.com/archive/archive-news/danish-assessment-board-bitcoin-currency-fluctuations-taxable-details.aspx http://taxinsights.ey.com/archive/archive-news/danish-assess...).
- pathy 12y agoOf course. It does vary on a country to country basis. I believe most countries consider BTC an asset rather than a currency, thus incurring the capital gains tax. Sweden for example does, and I believe Norway as well. Funny that, Scandinavian countries usually have similar legislation. ( http://blog.btcx.se/bitcoin-nytt/dags-att-deklarera-bitcoin-2014/ http://blog.btcx.se/bitcoin-nytt/dags-att-deklarera-bitcoin-... )