Norwegian Tax Authority: Bitcoin Losses Tax Deductible
The Norwegian tax authority has come forth an announced that bitcoin losses are considered tax deductible in the Scandinavian country. The news comes from Hegnar Online, which has the quoted (and translated) statement: "...believe that it should be paid profit tax of 28 percent for Bitcoins. Similarly, the loss is deductible." On the other hand, as you would expect, any gains earned with bitcoin are subject to taxation of the above-quoted 28 percent. While the news isn't entirely surprising, it does signal that more and more governments are beginning to draft legislation on digital....
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Here are some great news for you if you are concerned of the future to Bitcoin and other cryptocurrencies. Norway's Tax Administration has just announced that Bitcoin losses are tax deductible which means that if you do lose on your Bitcoin investments, you can get your money back by deducting your losses from the taxes you were supposed to pay. Here is an excerpt in Norwegian: Skattedirektoratet mener at det skal betales gevinstskatt på 28 prosent for bitcoins. Tilsvarende er tap fradragsberettiget. They have also said that they have began claiming tax on any Bitcoin profits. This is good....
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