Post
Topic
Board Legal
Re: Do people have to pay taxes on Bitcoin?
by
BitcoinGirl.Club
on 23/07/2018, 15:17:45 UTC
Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?
Bitcoin prices are dynamic which makes taxing a bit complicated and unfair especially that the accounting for it id at the exchange rate you get paid at but if this is the only way the USA will allow the ctryptocurrency to be used then its not a bad idea...we just need to get used to the system.