Bitcoin: Tax Evasion Currency

Publicado: agosto 8, 2013 en Uncategorized

TECH in AMERICA (TiA)

Robert W. Wood, courtesy FORBES –

In IRS Takes A Bite Out Of Bitcoin, I said that Bitcoin doesn’t obviate taxes. Dissenters argued that the anonymity of the upstart digital currency is all that matters. Perhaps they can evade taxes and the IRS won’t catch them.300px-Bitcoin10[1]

But that doesn’t mean there’s no income. Start with how you classify Bitcoin, although that too can be debated. Transactions in Bitcoin could be property, barter, foreign currency, or a financial instrument.

Barter seems the most logical treatment, but not everyone agrees. And investing excitement doesn’t encourage calm reflection. There’s plenty of excitement about Bitcoin, even by the Wall Street Journal. See The Mess the WSJ Made: Famed trader Joe Lewis not Investing in Bitcoins.

In fact, if the movie were remade today, The Graduate’s “One Word: Plastics” might be Bitcoin. As The People Making Real Money On Bitcoin, famously Facebooked Tyler and…

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