According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/
Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.
For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.
Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the ‘property’ to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.
For HODLers, if you cash out it in less than a year then it would be considered as income so there’s tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.
I just went through the article. Feel bit silly. Tax can be paid in any means. In order to pay tax, should this be a property. How can a currency be decided as a property. Currency is currency. Will you consider gold, silver and diamond as a property? Kindly avoid bringing such silly news here dude. This does not help. You just say, its worth buying a property instead of holding back the bitcoins in the wallet. We can command if its really worth to have or not.
There's no implication that (real estate) property is worth having as compared to crypto(currency). Crypto may be a currency but not in the eyes of other authorities. I was in no way discrediting the value of Bitcoin nor does the video say anything like that - it even recognizes how high the price of Bitcoin went up just last December of 2017. I just reiterated what the video has showed which is what the United States and the IRS views on Bitcoin. Even if we call crypto as a currency, it's still not applied as such.
