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Title: Is it legal for a merchant accepting foreign currency inside the USA? Post by: qikaifu on July 02, 2011, 03:05:24 AM Is there any tax disadvantages for merchants to accept foreign currency but not USD?
Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: Shinobi on July 02, 2011, 03:18:38 AM No, but when the currency is converted to cash and somehow held of record at a bank, I would recommend declaring it as income.
Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: tymothy on July 02, 2011, 03:24:15 AM Is there any tax disadvantages for merchants to accept foreign currency but not USD? The only tax disadvantage is the hassle of reporting the USD value of the income and attempting to value that against the exchange rate. Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: qikaifu on July 02, 2011, 03:33:06 AM So I guess there is no legal worries should any merchants have.
And in the future the exchange rate hassles can be fixed automatically by the Quickbook or some software like that, as long as bitcoin is widely accepted. Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: Shinobi on July 02, 2011, 04:12:09 AM There's no legal worries with any cash-only transactions. That's the point of cash. Its the failure to recognize it as income that is illegal.
Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: Sukrim on July 02, 2011, 04:33:25 AM Bitcoin != currency...
Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: Tasty Champa on July 02, 2011, 04:37:46 AM Bitcoins are == (are equal to) the points you get in a videogame.
Videogames are protected by the first amendment, therefore videogame money is protected. go bump blocks! http://vgtribune.com/files/2010/06/MArio-Block.jpg Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: Shinobi on July 02, 2011, 04:41:37 AM Quote Bitcoins are == (are equal to) the points you get in a videogame. Until a court says otherwise. Game over. Insert Coin. Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: freedominnumbers on July 02, 2011, 04:49:42 AM for bitcoin != currency ... barter is taxable.
Title: Re: Is it legal for a merchant accepting foreign currency inside the USA? Post by: netrin on July 02, 2011, 04:53:15 AM Is there any tax disadvantages for merchants to accept foreign currency but not USD? You can accept what you agree to. But you *must* accept the legal tender for all debts. |
