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Title: Selling items for Bitcoin (US Taxes) Post by: bmoconnotoo on October 11, 2020, 12:27:50 AM I've been out of the game for a few years... ok, like a lot of years. I'm selling some stuff in the marketplace and will likely be taking BTC as payment for some of the items. If I receive Bitcoins at a Coinbase account and immediately sell them for USD, how does this type of transaction affect my taxes?
I'm particularly interested because I intend to use these funds to help with the down payment of a house, and I need everything to be as above board and responsibly done as possible. Thanks for any input you can provide! P.S. I hope this is the appropriate section to post in, as I consider this to be "Doing business with Bitcoin".. and I suppose there's an element of trading as I expect to liquidate the BTC immediately. Title: Re: Selling items for Bitcoin (US Taxes) Post by: boyptc on October 11, 2020, 01:03:49 AM I think your question and topic is better on Legal.
--> https://bitcointalk.org/index.php?board=74.0 There were threads there asking about taxes, I'm sorry can't help you with that detail as I'm not from the US. But you can also check the section and this thread --> https://bitcointalk.org/index.php?topic=5187609.0 that talks about taxation and coinbase. Title: Re: Selling items for Bitcoin (US Taxes) Post by: bmoconnotoo on October 11, 2020, 01:54:09 AM boyptc,
The link in the first post of the Coinbase/Taxes thread actually has a lot of great information, and I think it basically answers my question. Thanks! |