New York Declares Bitcoin 'Intangible Property'
In a boon for Bitcoin, the state of New York has declared that Bitcoin will be treated as intangible property. This is according toa technical memorandum issued by the state's department of taxation and finance. What this means is that sales that are done in Bitcoin or any other freely convertible virtual currency will not attract sales tax. In so doing New York has led the way, and shone a torch bigger than the one on Staten Island. In the last 12 months, New York has somewhat fumbled over how to treat Bitcoin. In July 2014, superintendent Benjamin Lawsky of the Department of Financial....
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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....
The New York State Department of Taxation and Finance released a memorandum on December 5th which excused Bitcoin users from paying sales tax, if the virtual currency is being used to pay for certain goods and services delivered in New York State. In its elaboration, the memorandum referred cryptocurrencies like Bitcoin as an "intangible property", which is normally used to conduct barter transactions. "Since the purchase or use of intangible property is not subject to sales tax, any convertible virtual currency received by a party to a barter transaction is not subject to sales tax," it....
In open-source development, where there's little privileged intellectual property, intangibles like brand and community matter more.
The New York State Department of Taxation and Finance has said that bitcoin purchases will not be subject to sales taxes. According to a tax guidance memorandum from the agency's Taxpayer Guidance Division dated 5th December (hat tip Marco Santori), digital currencies are a type of "intangible property" and, as such, are not subject to a sales tax when purchased. The move comes months after the US Internal Revenue Service (IRS) released its initial guidance on taxing bitcoin as a type of property, and provides an answer to a long-brewing question about how state sales taxes in the US may....
With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news. Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims....