Post
Topic
Board Legal
Re: Do people have to pay taxes on Bitcoin?
by
Aurora Castro
on 16/08/2018, 02:05:59 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?

pay taxes for bitcoin would lose the essence for which this cryptocurrency was created. Bitcoin should work as it has done so far, as it has been a great opportunity for people not to be run by a government.