Topic: [2014-08-26] LibraTax Looks To Solve Bitcoin Tax Accounting-Related Woes (Read 735 times)
August 26, 2014, 12:47:06 PM
Yah, we all know who are going to be the newly fleeced when things start to pop off.
August 26, 2014, 12:06:04 AM
http://techcrunch.com/2014/08/24/libratax-2/
With new IRS guidance on taxing crypto-currency trading, it can be a bit complicated for Bitcoin enthusiasts to figure out how much capital gains and income tax they owe.
Losses and gains are subject to a capital gains tax, which means you have to remember Bitcoin’s valuation at the point you bought the currency and at the point you sold it. That leads to a complicated year-round exercise in bookkeeping.
With new IRS guidance on taxing crypto-currency trading, it can be a bit complicated for Bitcoin enthusiasts to figure out how much capital gains and income tax they owe.
Losses and gains are subject to a capital gains tax, which means you have to remember Bitcoin’s valuation at the point you bought the currency and at the point you sold it. That leads to a complicated year-round exercise in bookkeeping.
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