Bitcoin Forum
May 19, 2019, 11:55:28 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Documenting bitcoin cash buys  (Read 562 times)
Ploo
Full Member
***
Offline Offline

Activity: 125
Merit: 100


View Profile
February 11, 2013, 07:27:40 PM
 #1

I've been trading BTC in the UK via bank transfer for a while now and may begin doing cash purchases soon. I've realised that it is critical I document the cash withdrawal as an expense so that I get taxed only on the profit and not the entire turnover of the bitcoin sale. Usually this is done via the means of keeping receipts - so I guess I could have some sort of receipt that documents the exchange but I'm not sure where to begin.

What kind of information do I put on it? Do I want the sellers signature on it? How much information on the seller do I want, bearing in mind that he may not want to disclose any?
1558266928
Hero Member
*
Offline Offline

Posts: 1558266928

View Profile Personal Message (Offline)

Ignore
1558266928
Reply with quote  #2

1558266928
Report to moderator
1558266928
Hero Member
*
Offline Offline

Posts: 1558266928

View Profile Personal Message (Offline)

Ignore
1558266928
Reply with quote  #2

1558266928
Report to moderator
Get alert of price pumps/dumps beforehand 74% average Win Rate
reported by our users
TRY NOW!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1558266928
Hero Member
*
Offline Offline

Posts: 1558266928

View Profile Personal Message (Offline)

Ignore
1558266928
Reply with quote  #2

1558266928
Report to moderator
21after2
Member
**
Offline Offline

Activity: 112
Merit: 12



View Profile
February 11, 2013, 11:18:26 PM
 #2

You're talking about buying BTC in person with cash, right?

For disclosure: I'm from the US, so I don't know how different UK tax law is compared to the US. If it's similar, then you're probably going to want to include the name of the seller, his address, the date, what you purchased (i.e; how many Bitcoins), and what you paid for them.

If you're going to hand-write the receipts, you could do something like this (with the info UK appropriate, of course):


Sold By: Thomas Thomason
Address: 123 Road Street Lane Boston, MA 02128
Date: 2/11/2013

Item: Bitcoin
Quantity: 5
Price: $122.50

Received By: James Jameson
Paid: Cash
Pages: [1]
  Print  
 
Jump to:  

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!