Bitcoin Forum
April 25, 2019, 09:06:05 PM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] TeleX AI - cryptocurrency wallet and exchange services on Telegram on: November 21, 2017, 08:24:20 AM
3 hours until the ICO!!!

Can't wait to get my 50% bonus
2  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] TeleX AI - cryptocurrency wallet and exchange services on Telegram on: September 16, 2017, 07:54:29 PM
Any bounty campaign?

Looking forward to change my sig
3  Bitcoin / Legal / Re: About the legal situation of selling stuff with BTC on: August 06, 2017, 12:12:51 PM
The answer is simple. (if you're in the USA, and probably the same in many places)

When someone buys from you, you treat it like any other transaction. This means if it's online you can treat it like the state does: for out of state with no agreement there is no tax, with agreement there is tax, and within state online only tax if there is sales tax in the state. So you can set the tax at whatever an approximate USD value is at, that the customer pays. How you turn this into fiat that you surrender to the state is up to you - I sure as hell would pay it.

Why like that? Because the physical products are in the purview of the state. You see, there is the expectation of the amount of money spent to make your existence and utility of public things like business license, road, etc, to be paid with by taxes.

Here is where you don't pay taxes, on the BTC as income. There certainly is some pressure to get people to think they should, but it makes no sense. Until you convert that BTC to fiat then it's out of the purview of the state/fed. They can tell you otherwise but the only legal thing they really hold over you as far as I know is the limitation of business to people on the "black list" that no US citizen/corp can do business with in no respect to what that business is or the currency/property/IP. I wouldn't be surprised however if some people are brought to litigation since the expectation of defense is low when you're fighting the gov; it'll be a question of how long it takes to fundamentally get thrown out as BS in a court level high enough to count.

I'm not saying it's impossible for someone to pursue income tax/property tax for your BTC, I'm saying it's wrong and illegal. It would be like taxing a citizen of Mexico because they look at the USA with binoculars from their home near the border and otherwise have no interaction. Taxation online is a decent example of a way to look at BTC taxation. Seeking taxes across borders is too complicated, but also it's a loss of property in the purview of the state that is no longer responsible for so the point of seeking for the selling state is weak. Well, BTC isn't in the purview and until it leave it's own global decentralized realm to become fiat (ok, it doesn't "transformer" but your ownership of something does) it shouldn't be something to be concerned with. Think about it like this as well, banks are regulated and FDIC insured, BTC isn't, so you're saving the government money pre-conversion.

Thank you very much for the detailed answer. That is actually what I think. I didn't explicitly state in the original post, but the question was about a case where I don't convert anything to fiat, but pursue the business only in bitcoins.
4  Bitcoin / Legal / About the legal situation of selling stuff with BTC on: July 13, 2017, 01:23:27 PM

Is there anyone knowledgeable about what happens when I sell, say, books and accept only BTC as the payment method? Is it taxable or what? Does it count as an income, since I won't accept any actual money that governments accept?

Thank you
Pages: [1]
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!