Bitcoin trading and taxes
Congress updated the tax code to clarify that cryptocurrencies should be treated as properties. Instead, you hold it in hope that the value goes up. What Amazon needs to do in this bitcoin trading and taxes is calculate how much the Bitcoin was worth at the time of the purchase!! Who needs to pay taxes?
What happens if that sale is in Bitcoin instead of dollars A property instead of a currency? I paid someone for something in Bitcoin This is another question people have a hard time bitcoin trading and taxes their heads around. This can get ugly. Congress updated the tax code to clarify that cryptocurrencies should be treated as properties. On the other hand, if 0.
If you have a question that I did not cover, feel free to ask it in the comments below. Beforepeople used to claim that buying one cryptocurrency with another cryptocurrency was a like-kind exchange. For example, if you designed a logo for someone and they paid you 2 BTC for your work, you need to calculate the USD value of 2 BTC at the time of the transaction and pay tax on that. The most responsible thing for Amazon to do in cases bitcoin trading and taxes this would be to immediately convert part of their BTC profits to USD and set it aside for their tax payments later bitcoin trading and taxes. Instead, you hold it in hope that the value goes up.