US based cryptocurrency sales tax rules “clear as mud”
Source: https://news.bitcoin.com/sales-tax-and-bitcoin-in-the-united-states-can-be-confusing/
Are Bitcoin and Litecoin currencies? Not according to US laws today. Today, cryptos are treated like a commodity for taxation purposes for gains and losses —- yet a painting or share of Amazon stock is not used to buy a pair of shoes.
However, you can bet your last dollar that all states, governments and jusridictions will be “very agressive” to making sure that “crypto sales taxes are essential” just like any other US Dollar purchase.
Now, isn’t that interesting. They tell us “it’s not a currency” — but you can buy a pair of shoes with it AND pay taxes.
The States are all over the map in language — this is fun to watch.
The bottom line is states and the Federal Govt are “thirsty for tax revenues” any way they can get it. If they “say it’s a currency” — then you don’t pay capital gains tax when Bitcoin rises and you sell.
They want their cake and eat it as well.
There needs to be much work done in this area.
Like the post saw the post really great.
Thank you
The groveling powers that believe they be....they all who are sitting in office need to be voted OUT the next 60 days. They have no rights except what WE allow them to have and execute....
Much is coming out...you are right. No more.
When the West was new it was Wild, same goes for digital currencies.
Yes...but they know what they want. Nothing wild — just organized thievery.