Bitcoin Taxes: Working for Bitcoin
Welcome back to Bitcoin Taxes, our special series over Bitcoin taxation with Mr. Daniel Winters. This week, we will be talking about what you should do when you work for Bitcoin rather than fiat currency. As a reminder, be sure to read last week’s article which covered the basics of Bitcoin taxation within the United States if you have not done so already. Each week we will build upon the previous article to cover a wide range of topics. You can comment with your specific questions in the comments field and Daniel and I will go through them and try to answer as many as we can on next....
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As a wise man once said, there is no escaping taxes and death once you are born. When Bitcoin was introduced, however, there was a glimmer of hope, most of us thought that we might just be able to escape taxes. Unfortunately, it was short lived, as the IRS decided to impose taxes on virtual currency holdings. Now that Bitcoin is considered as an official asset by various government agencies in the United States, one can do nothing but pay the toll. How do we know what is taxable and what is not? Well, for that we have a few experts who can help us understand, but it will be easier if you....
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution. Way back in 2014, the United States Internal Revenue Service (IRS) ruled that cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences accentuated by wild price swings. Buying and selling crypto can trigger gain or loss and be taxable. Yes, buying something using crypto — a house, a car, a new suit — can trigger taxes. Even paying taxes in crypto can trigger taxes.If you owe $5,000 in taxes, you could pay the $5,000 in....
This tax season, it may be worthwhile to consider making a bitcoin donation to reduce one’s taxes through philanthropy.
What is the current outlook on bitcoin taxes, and what might the future hold as the network and asset grows?
In Argentina, a provincial legislature has voted in favor of a bill to impose new taxes on gross incomes from crypto transactions. Cordoba’s central province is now the first one to impose crypto taxes in the country, which involves crypto exchange platforms and retail traders. Approved Tax Bill Grants a Definition of Cryptocurrencies According to CBA4N, the “Tax Law 2021” approved by the legislature seeks to tax people 4% to 6.5% on gross incomes from crypto-related transactions. Also, individuals or businesses who receive payments in cryptocurrencies “in exchange....