How You Can Pay Taxes and Buy Houses with Bitcoin
Property taxes are a very important revenue stream for any municipality. These taxes pay for things like sanitation, police, and fire departments throughout the U. S. and Canada. And in any county, city, or state you will find hundreds or even thousands of properties that have been foreclosed due to delinquent payment of these property taxes. Investors have quietly made small fortunes investing in these "tax liens", which get the local government the money they need, and allow investors to many times pickup properties for pennies on the dollar. Now if you own Bitcoin, you can join the real....
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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....