Post
Topic
Board Beginners & Help
Re: Bitcoin taxes
by
msc
on 21/09/2013, 16:37:41 UTC
What is going on with the taxes?
If i earn money by mining, or by playing on prime-dice and win and then cashout out to my local currency, then this would be legal? The state shouldn't have tax the money i earned?
Conversions to your local currency are taxable.  BTC gains from mining or playing around on Bitcoin sites probably aren't taxable until you cash out.

But, if you're a business, and you're accepting payment in Bitcoin, then my opinion is that you should treat those BTC sales as if they were cash sales.  The way you do that is pretend that the customer gave you cash, and you used the cash to buy the BTC.  That way you're not cheating on taxes by accepting Bitcoin.