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Wait... then, what _IS_ tax-free about it? If I still have to pay capital gains tax and sales tax on it, then what's different about taxes in regards to bitcoi
by smtddr 11y ago
Wait... then, what _IS_ tax-free about it?
If I still have to pay capital gains tax and sales tax on it, then what's different about taxes in regards to bitcoin vs. government currency?
- Analemma_ 11y agoBuying it, because now it's treated as an exchange of currency. There is now nothing different between Bitcoin and Euros as far as taxes go, which is as it should be.
- deleted 11y ago[deleted]
- acaloiar 11y ago> what's different about taxes in regards to bitcoin vs. government currency The difference is that Bitcoin is now recognized as a currency, and as such is not subject to VAT when one wishes to, for example, exchange Euros for Bitcoin. Previously, EU residents would pay VAT on such an exchange because Bitcoin were more or less recognized as a good or service, and thus subject to VAT.
- stanleydrew 11y agoYou don't "have to pay sales tax on it" when you buy BTC like you pay sales tax when you buy a banana. But you still have to pay sales tax when you purchase a banana with BTC.
- Daviey 11y agoExcept Bananas are zero VAT rated, meaning no VAT is paid on them either. :)
- stanleydrew 11y agoHeh, should have checked before I made the assumption.
- deleted 11y ago[deleted]