Topic: 2018-02-11 US TAX may be paid with Bitcoin, Ripple, or Ethereum under new plans (Read 138 times)
February 11, 2018, 12:58:30 PM
Hopefully other states and countries follow this example
February 11, 2018, 08:31:12 AM
THE Arizona Senate passed a bill early this week which could allow its residents in the state to use bitcoin and other cryptocurrencies to pay their taxes. Read the full news here: https://www.express.co.uk/finance/city/917015/bitcoin-tax-cryptocurrency-tax-bitcoin-price-cryptocurrencies-news
We should hope that other states will also be adopting the same law so that Bitcoin can be given an official status as recognized by the government even just with paying taxes. This is a good move actually and we should encourage the residents of Arizona to buy Bitcoin when paying their taxes. Right now, there are some good news for Bitcoin and of course there will always be bad news but the most important thing is that we are slowly moving on.
February 11, 2018, 06:35:59 AM
I'm wondering why is this news can be seen only on crypto related sites apart from The Daily Express which regarded as a tabloid and thus seen by many as not a reliable source of information. This is a very good news for Bitcoiners if it is true, but I've managed to find only the information below on cointelegraph, which looks more or less reliable:
So, it looks like it's not final yet according to the quoted text.
I think that if Arizona will be procrastinating the decision, it will end up being among many others who will be accepting crypto tax payments by 2020 and thus it may lose the pioneer status. Btw the municipality of Chiasso in Switzerland has already allowed its residents to pay taxes in Bitcoin since January 2018.
Quote
The bill has now been sent to Arizona’s House of Representatives.
If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020
If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020
So, it looks like it's not final yet according to the quoted text.
I think that if Arizona will be procrastinating the decision, it will end up being among many others who will be accepting crypto tax payments by 2020 and thus it may lose the pioneer status. Btw the municipality of Chiasso in Switzerland has already allowed its residents to pay taxes in Bitcoin since January 2018.
February 11, 2018, 05:12:58 AM
Just as I though every state is going to have it's own relationships with crypto. Probably heads of Arizona decided to move that way simply to have more money in the exchequer of the state in the case if prices for all this crypto coins will raise. Well, smart decision 
February 11, 2018, 04:23:57 AM
This could actually give these cryptocurrencies 'legal tender' status. It would also be interesting to note what the state does - do they plan to use a payment processor to convert it to fiat or would they actually hold these coins.
Another point would be whether capital gains would have to be recorded when you use cryptocurrencies to pay tax? You are just handing over your coins to the state. Would you have to pay tax on your tax?
Another point would be whether capital gains would have to be recorded when you use cryptocurrencies to pay tax? You are just handing over your coins to the state. Would you have to pay tax on your tax?
February 11, 2018, 02:02:24 AM
All those people that say that Bitcoin is backed by nothing, but the dollar is backed by the fact that you have to pay taxes with it are going to have to come up with a new story.
February 10, 2018, 09:42:25 PM
THE Arizona Senate passed a bill early this week which could allow its residents in the state to use bitcoin and other cryptocurrencies to pay their taxes.
Read the full news here: https://www.express.co.uk/finance/city/917015/bitcoin-tax-cryptocurrency-tax-bitcoin-price-cryptocurrencies-news
Read the full news here: https://www.express.co.uk/finance/city/917015/bitcoin-tax-cryptocurrency-tax-bitcoin-price-cryptocurrencies-news
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