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comment by JakobVirgil
JakobVirgil  ·  3900 days ago  ·  link  ·    ·  parent  ·  post: Bitcoin is taxable property - not currency

If bitcoin tanks before taxes you can report as a capital loss or even a income loss.





user-inactivated  ·  3900 days ago  ·  link  ·  

Which raises the question -- feds may not see btc as legitimate currency, but if they see it as a legitimate cap investment then all the various rebates and cap loss waivers apply. I guess.

JakobVirgil  ·  3900 days ago  ·  link  ·  

if you are paid in btc in works the same as being paid in stock. When you use btc to buy something you pay capital gains on the honor system i guess

user-inactivated  ·  3900 days ago  ·  link  ·  

Is 'the honor system' in the Constitution yet

user-inactivated  ·  3900 days ago  ·  link  ·  

No? What about the tax code

JakobVirgil  ·  3900 days ago  ·  link  ·  

It is in the hearts of capitalists.

Sometimes put there by audits.

user-inactivated  ·  3899 days ago  ·  link  ·  

In the hearts of all citizens in Our Great Country.

No way my government would take money from computer nerds and use it to kill innocent civilians with drones/fight the "War on Terrorism"/collect citizens' data.