Daily Fintech Conversations

BitCoin & Taxes

@andrefassler I Am Not A Tax Adviser, but lots of good online resources explain the rules and they vary by jurisdiction. Of course Bitcoin will be taxed, along with other profits. Last attempt at taxing by going after Coinbase was after a bear market. Much more to go after now that it has been a long bull market.

The issues I see:

If you take from a centralised exchange like Coinbase and put onto a hardware wallet or other private store, will that be considered a taxable event?

If you get paid in Bitcoin and pay in Bitcoin, what is record keeping like? At the least this sounds like an admin nightmare.

Different jurisdictions tax as if a currency or a commodity or a security. Simple rule is figure out what it is in your jurisdiction and file accordingly.

Will this harm Coinbase and other centralised exchanges and drive adoption at P2P Exchanges? (I think so)