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Anyone know of the tax benefits/pitfalls of paying (and being paid) in bitcoin?
by telot 12y ago
Anyone know of the tax benefits/pitfalls of paying (and being paid) in bitcoin?
- logicchains 12y agoIt certainly makes tax evasion easier, if that counts. Not as easy as paying/being paid in cash, but far easier than other electronic means of payment (in the sense that it currently offers more anonymity).
- Gotperl 12y agoIt isn't legal in most US states. Almost all states have laws that dictate employees working within that state have to be paid in US currency
- greenyoda 12y agoAnd payroll taxes certainly need to be paid in US currency. The IRS and state tax departments don't accept Bitcoin.
- bduerst 12y agoThey do, but it's classified as a "barter". If you have the option to get USD instead of BTC, then you're much, much better off getting paid the former.
- baddox 12y agoTo cite one example, here's Texas: http://www.statutes.legis.state.tx.us/Docs/LA/htm/LA.61.htm http://www.statutes.legis.state.tx.us/Docs/LA/htm/LA.61.htm