Denmark Is Determined To Leave Bitcoin Transactions Free Of Taxes
Looks like somebody has finally seen the light as the Tax Board of Denmark saw reason and decided not to impose taxes on any gain or loss due to the transaction of bitcoins. The basic idea behind this decision is that all the transactions made are exclusively up to users, bearing in mind that cryptocurrencies are just strings of numbers, not something physically real (although there are people who would argue against that concept). Therefore, when one initiates the act of sending a bitcoin it is basically the same as sending an e-mail; he or she shouldn’t have to be charged for it. As the....
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While bitcoin enthusiasts in the United States are busy discussing the new IRS guidance on bitcoin taxation, folks in Denmark may just have something of their own to talk (and be happy) about. A report from Denmark's TV2 indicates that the country's tax board has made the determination that taxpayers need not pay for gains incurred upon the buying or selling of digital currency. The report continues, noting that authorities in the country view digital currency as a "private asset" (side note: today's IRS notice classifies digital currency as property). The tax board's decision goes both....
Editor’s note: The original introduction to this article has been replaced with one written by tax accountant Daniel Winters, which corrects some factual inaccuracies in the original. While the IRS rules have not changed since last year, it’s important to understand how to handle the taxes on Bitcoin transactions since Bitcoin income is not tax free. Accurately reporting taxes for Bitcoin can be tricky since the IRS treats Bitcoin as property, NOT currency. Since Bitcoin is property, you need to calculate gains or losses. The number of Bitcoin users has grown significantly since 2015, and....
On Wednesday morning, the Bitcoin Foundation welcomed the Dansk Bitcoinfonening as their newest affiliate based out of Lyngby, north of Copenhagen, Denmark. This makes Dansk Bitcoinfonening one of several Bitcoin Foundation affiliating operating around the world today, with the other affiliate being based out of Australia, Canada, Germany, Mexico, and the Netherlands. The news comes following the declaration that profit gains/losses stemming from bitcoin trades be deemed tax free by the Tax Board of Denmark in March, with the exemption of businesses. The affiliate will be led by Pascal....