[2018-05-14] Florida Tax Collector to Accept Bitcoin, Bitcoin Cash Payments

gabbie2010

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Quote from: cr1776 on May 16, 2018, 12:47:53 PM

Quote from: gabbie2010 on May 16, 2018, 12:56:27 AM

Florida acceptance of bitcoin as a means of tax payment is a welcome development but my consign is how would the issue of unstable price of bitcoin addressed? It is very obvious that the price of bitcoin has been too volatile in recent times considering the fact that taxes has fixed values.

They will likely use a 3rd party to sell the bitcoin when it arrives in their wallet in order to lock in the current value which is then applied to the tax payment. Something like "send X.XXX bitcoins to 1address within the next 2 hours".

I appreciates your self explanatory answer to my question I have gotten more insights on how the issue of instability of the price of bitcoin can be used to pay taxes thus Florida is in the track while other states should emulate them in adoption of bitcoin in the payment of taxes.

cr1776

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Quote from: gabbie2010 on May 16, 2018, 12:56:27 AM

Florida acceptance of bitcoin as a means of tax payment is a welcome development but my consign is how would the issue of unstable price of bitcoin addressed? It is very obvious that the price of bitcoin has been too volatile in recent times considering the fact that taxes has fixed values.

They will likely use a 3rd party to sell the bitcoin when it arrives in their wallet in order to lock in the current value which is then applied to the tax payment. Something like "send X.XXX bitcoins to 1address within the next 2 hours".

acheampong64

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Quote from: tyz on May 14, 2018, 11:57:17 AM

Florida Tax Collector to Accept Bitcoin, Bitcoin Cash Payments

Seminole County Tax Collector Joel Greenberg said in a statement Monday that his office will take bitcoin and bitcoin cash for payments associated with driver licenses and ID cards, automobile tags and titles and property tax.

https://www.coindesk.com/florida-tax-collector-accept-bitcoin-bitcoin-cash-payments/

Good. I also read another article some months ago where it was stated that Germany also accepts Bitcoin for tax payment (don't know how true it is though!). Should they start adopting Bitcoin in this way then we'll all be happy. The future is really going to be great

romero121

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Quote from: gabbie2010 on May 16, 2018, 12:56:27 AM

Florida acceptance of bitcoin as a means of tax payment is a welcome development but my consign is how would the issue of unstable price of bitcoin addressed? It is very obvious that the price of bitcoin has been too volatile in recent times considering the fact that taxes has fixed values.

I'm not sure about the reality, but in the past I've come across service rendered by corporate firms with bitcoin acceptance. With those services some intermediary companies have commitments providing with the fixed value to the concern company in terms of fiat however fluctuating the price of bitcoin is not considered.

gabbie2010

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Florida acceptance of bitcoin as a means of tax payment is a welcome development but my consign is how would the issue of unstable price of bitcoin addressed? It is very obvious that the price of bitcoin has been too volatile in recent times considering the fact that taxes has fixed values.

Qartersa

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I think this is logical if you think about it and if you are talking about paying taxes on your cryptocurrency holdings or earnings. It's like totally just paying a portion of your asset for taxes with the asset itself. That also takes out the extra step of converting your crypto to fiat just to pay for taxes. Another point is that if this is done, we can say this is another set into mass adoption of cryptocurrencies.

squatter

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STOP SNITCHIN'

Government acceptance is the best kind of advertisement there is. It totally legitimizes BTC -- apparently it will legitimize BCH as well, which I'm sure some bitcoiners won't like.

I also think that as more states do this, the less likely a federal clampdown on cryptocurrency becomes.

Quote from: richardsNY on May 14, 2018, 12:40:39 PM

It's a fact that people are more likely to use 0.1 BTC to pay their taxes with, than like $800 of their own money, which is all psychology. People are too focused on fiat and thus this is actually be a very smart move.

I'm partial to the idea that Bitcoin's deflationary nature discourages that kind of spending, but I could see this being an attempt to goad cryptocurrency investors into paying their taxes.

Anyway, I hope people avoid paying BTC to governments. These transactions will be "ground zero" for analyzing your blockchain activity.

Coin-Keeper

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Another step towards general acceptance. However; people need to fully think this through. If you pay $3000.00 in taxes (to the Gov) using BTC , then logic would tell you that the $3000.00 is INCOME that must now be reported (assuming you are an early adopter and acquired the coins for next to nothing). At least you are exposing yourself to someone easily connecting that you had $3000.00 in coins and did you pay taxes on them? That is how the Gov works, at least around here.

bL4nkcode

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A good move from that states tho, who knows if when do some states in US or even in europe or even here in asia to accept this kind on their tax payment. Government starts to make use of this crypto stuff which is very intriguing. A good news though/

Karartma1

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Quote from: richardsNY on May 14, 2018, 12:40:39 PM

I like how states are trying to lower the bar when it comes to making it easier for people to pay their due taxes. It's a fact that people are more likely to use 0.1 BTC to pay their taxes with, than like $800 of their own money, which is all psychology. People are too focused on fiat and thus this is actually be a very smart move. It's all the same in value terms, but it doesn't feel as bad as when they use their own money. In the same way that plays an important role when it comes to trading and gambling -- people don't realize how much they are risking because of their mindset. Governments exploiting that is smart, very smart. Wink

I learned the bold highlighted part the hard way when trading in the past. But that's off topic I guess.
In Europe, actually in Switzerland andin in Zug precisely, there has been one of the first attempts of the case where the municipality of Chiasso in Switzerland started accepting tax payments in bitcoin (if I recall it correctly one could pay up to 250CHF equivalent).
I personally have mixed feelings about crypto taxes I would rather keep for myself.

richardsNY

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I like how states are trying to lower the bar when it comes to making it easier for people to pay their due taxes. It's a fact that people are more likely to use 0.1 BTC to pay their taxes with, than like $800 of their own money, which is all psychology. People are too focused on fiat and thus this is actually be a very smart move. It's all the same in value terms, but it doesn't feel as bad as when they use their own money. In the same way that plays an important role when it comes to trading and gambling -- people don't realize how much they are risking because of their mindset. Governments exploiting that is smart, very smart. Wink

tyz

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Florida Tax Collector to Accept Bitcoin, Bitcoin Cash Payments

Seminole County Tax Collector Joel Greenberg said in a statement Monday that his office will take bitcoin and bitcoin cash for payments associated with driver licenses and ID cards, automobile tags and titles and property tax.

https://www.coindesk.com/florida-tax-collector-accept-bitcoin-bitcoin-cash-payments/

Topic: [2018-05-14] Florida Tax Collector to Accept Bitcoin, Bitcoin Cash Payments (Read 187 times)