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RE: Ohio says businesses can now pay their taxes in bitcoin!

in #bitcoin5 years ago

Don't get me wrong, this IS good news for us crypto enthusiasts/ investors.

As for me, I'd rather just use my extra cash to pay this year's taxes, as opposed to increasing what I owe in taxes next year by selling BTC at profit (capital gains) to do it. But I suppose that's a perspective which is unique to long-term investors like myself, who can afford to hold onto their position(s) regardless of the current stage (of the market cycle).

It just wouldn't make sense to sell my bitcoin and then have to pay back 10% of all my profits only to go back and re-buy weeks or months later, probably at a higher price (needing the price to drop at least 10% from where I sold it to pay this year's taxes just to buy it at even). That is the definition of "sucker tax".

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Currently it only applies to businesses. It would make things easier for merchants who accept bitcoin.

I gotcha. Yeah, I suppose that would take some of the headaches away from dealing in crypto.

Yep. Now we just need the IRS to do something similar and stop calling it property.

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