beachriot

3 ms·

1. 1.▲
   by beachriot 12y ago

   just hire any asshole attorney and he or she will justify the anything - including the exact opposite of what you want to hear.
2. 2.▲
   by beachriot 13y ago

   Thank you. I think some people at nitpicking at what the point of the article is getting at, but at least you got it.
3. 3.▲
   by beachriot 13y ago

   yes, i am aware of the holding period necessary to be able to use capital gains rate. i left it out merely to simplify the example for non-tax folk. but if you understand tax, then instead of, "the next day," my example should say
4. 4.▲
   by beachriot 13y ago

   let's say that i purchase a bitcoin for $150. this is my cost basis. the next day, the bitcoin appreciates in value to $200. i use this single bitcoin to purchase a $200 camera. in this transaction, i have spent $200, but i only paid $
5. 5.▲
   by beachriot 13y ago

   I am pretty surprised that the price of BTC fell after the IRS issued guidance. Like asperous mentioned, most people with tax knowledge (myself included) expected Bitcoin to be taxed this way, and this is what we were hoping for. The author