Sunday, December 3, 2017

Will This Kill Bitcoin ???

Every transaction that you make in Bitcoin is potentially a taxable event.

Let’s say you bought Bitcoin for $1,000 and after it went to $10,000 you buy a business class trip to Australia for $10k. When you pay the airline with one Bitcoin, you’ve just triggered a taxable event.

The IRS would say that you essentially sold your Bitcoin, have a $9k gain and used those proceeds to buy the ticket.

Which means you owe the IRS capital gains tax on $9k, which is 20% plus the Obamacare surcharge.

You can read the rest @

And here is another take on what is coming down the pike: [translation required]


By the way, this is one of the reasons the powers that be want a "cashless" society - soon every online transaction will be traced, and taxed.

Sadly, I have to admit this is a good idea. Without revenue, nation-state economies soon will collapse. I'm 100 percent behind going after people who are trying to hide "their" wealth from their responsibility to the public good.

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