Post
Topic
Board Securities
Re: 📈 NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012)
by
OgNasty
on 09/04/2021, 01:21:39 UTC
In these people's cases, they gave you BTC and they are getting a return in BTC - at no point did they convert the BTC to Fiat nor are they getting a return in Fiat. So, to have paid 1.6 BTC and have only 0.00950615 BTC in returns is a loss.

This is not true. You are giving bad advice. If you get paid in Bitcoin, it is taxable at the usd rate you received Bitcoin. That’s how it works. Any movement from the price after that up until it is converted to fiat is reported as capital gains or losses. Claiming you don’t owe taxes on income in Bitcoin until it is converted to fiat is just plain wrong.

I really think you guys need to make your own thread to fill with misinformation rather than bury actual useful information in this thread with this never ending nonsense. I’m trying to help further this organization’s growth, not teach basic finance and accounting.