We haven’t heard much about Bitcoin since you-know-who apparently stopped posting. Also, since the most recent price collapse of this “ investment”.
Here’s something even more troubling than the price drop. The IRS has determined that exchanging cryptocurrency is a taxable event. Further, it is attempting to get individual financial records from the exchanges.
There is a current case where an indidual accumulated $120,000 in Bitcoin, then exchanged it for another currency, which has dropped in value to $60,000. The IRS claims that individual owes $60,000 in taxes from the taxable event when they sold Bitcoin. The indidual will likely have to sell the remaining currency to pay the tax bill.
There are likely thousands of situations out there where someone cashed in Bitcoin, spent the money, and now faces a huge tax bill they can’t afford.
Replies (5)
Think Cryptocurrency Is Confusing? Try Paying Taxes on It
We don’t pay no stinking taxes Jack! For extra credit @ mark94, can you define oligarch for us please? LOL
Tax these speculators, bleed them dry!
SJG
Ollie Garch! That was the name of that sum bitch who borrowed a couple o' Franklin's from me to spend on some newfangled critter' currency scheme. He plumb left town and i got stuck holding a string o' numbers printed on a piece o paper- don't look like no block and chain to my eyes either. Stuffs' not worth the value of an IOU if you ask me. Then again they quit printing Sears catalogs so i might use it in place of Charmin, I reckon !
^^^^^^^^ giving a girl money for such, that is nuts. Its not like giving her money to fix her car or pay her rent.
SJG
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