|
Title: Looking for a BTC CPA Post by: unclemantis on July 23, 2012, 01:51:34 AM I am going to be working on a lot of projects that will pay me in BTC. At what point is BTC income considered taxable? While it is still in the BTC form? If I trade for USD but don't withdraw from exchange? After I withdraw from exchange and now the USD is in my bank account? Does the $600 1099 still hold true for BTC and if so when does the exchange rate take place? Year end? At payment of BTC? At withdraw?
My head is swimming :( Title: Re: Looking for a BTC CPA Post by: gweedo on July 23, 2012, 03:34:05 AM I am not CPA, but if in the form of BTC is can't be tax cause it isn't in any formal currency recognized by the USA, yet transferring the funds to USD can be consider a currency exchange, or income. Yet I have yet to have any problem with this, and I have transfered a considerable amount.
Title: Re: Looking for a BTC CPA Post by: unclemantis on July 23, 2012, 04:11:48 AM I am not CPA, but if in the form of BTC is can't be tax cause it isn't in any formal concurrency recognized by the USA, yet transferring the funds to USD can be consider a currency exchange, or income. Yet I have yet to have any problem with this, and I have transfered a considerable amount. Well then I am screwed since I withdrew a modest some last year :( Title: Re: Looking for a BTC CPA Post by: Herodes on July 30, 2012, 02:40:13 PM Just out of curiosity, if you do a project for a computer company in the states that streches for 3 months, and oddly enough you get paid in computer equipment, because that's what the company is dealing with, and they figured they'd rather give you that than money, would that be legal, and if so, would the procject participant have to pay taxes of the 'income' ?
Title: Re: Looking for a BTC CPA Post by: Mike Jones on July 30, 2012, 02:47:28 PM Just out of curiosity, if you do a project for a computer company in the states that streches for 3 months, and oddly enough you get paid in computer equipment, because that's what the company is dealing with, and they figured they'd rather give you that than money, would that be legal, and if so, would the procject participant have to pay taxes of the 'income' ? http://www.irs.gov/businesses/small/article/0,,id=187920,00.html/ |