Kakashi2020 Posted November 5, 2018 Share Posted November 5, 2018 I've read an article that says in the U.S. the IRS declared bitcoin as property and not as currency. Does anyone here knows the implications of this? Quote Link to comment https://slingbank.com/forums/topic/1594-bitcoin-is-property-and-not-currency/ Share on other sites More sharing options...
anyone01 Posted November 5, 2018 Share Posted November 5, 2018 If its property, the factor receives actually complicated. You need to track the purchase rate of every individual bitcoin to your portfolio. If I make ten buys at specific costs, then sell a half of my bitcoins, which costs do we use? The factor is bitcoin is absolutely fungible, and sub dividable, in contrast to property. While the tax rate for capital profits is typically lower than income, the accounting complexity makes it quite hard to report. 1 Quote Link to comment https://slingbank.com/forums/topic/1594-bitcoin-is-property-and-not-currency/#findComment-2451 Share on other sites More sharing options...
cks003 Posted November 25, 2018 Share Posted November 25, 2018 If it is a property, it must be a very volatile and risky property. Tax payers will certainly lose out as they have to fork out huge tax amount for a property which value is too uncertain. It will be a double whammy if the price of the property drops a lot. Quote Link to comment https://slingbank.com/forums/topic/1594-bitcoin-is-property-and-not-currency/#findComment-2705 Share on other sites More sharing options...
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