Bitcoin Takes a "Tax-Free" Trip to the Big Apple
Digital currency enthusiasts might have a new reason to enjoy the Big Apple. The state of New York has recently labeled bitcoin as "intangible property," which means that any purchase or transaction made with bitcoin will not be subject to sales tax. In a recent memorandum, the New York State Department of Taxation and Finance explains: "The use of convertible virtual currency by a customer to pay for goods or services delivered in New York State is treated as a barter transaction. For sales tax purposes, convertible virtual currency is intangible property. Since the purchase or use of....
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