Bitcoin Attorney Will Answer All Questions: - page 11.

Quickseller

copper member

Activity: 2996

Merit: 2371

Quote from: AttorneyBitcoin on January 03, 2017, 01:36:33 AM

It is my understanding that if you bought the Monero with BTC then you have not made a conversion to fiat and it is not a taxable event.

lol, you are kidding right?

Are you even a real lawyer?

So by your logic if I use my Bitcoin to buy a house then I am not liable for any capital gains taxes because I didn't cash out to fiat?

AttorneyBitcoin

full member

Activity: 167

Merit: 101

It is my understanding that if you bought the Monero with BTC then you have not made a conversion to fiat and it is not a taxable event.

Best:

George D. Greenberg, Esq.

www.attorneybitcoin.com

sp_skeptic

member

Activity: 110

Merit: 14

Thanks for doing this!

I bought Bitcoin in 2015, and used some of it less than a year later to buy Monero (another cryptocurrency). Can I treat this as a "like kind" transaction on which I wouldn't have to pay tax immediately, or do I have to treat this as if I had sold my Bitcoin for cash, then bought the Monero? I'm unable to find a clear answer for this. If I could defer paying tax on the appreciation of the Bitcoin, then I'd have a long term rather than a short term gain.

AttorneyBitcoin

full member

Activity: 167

Merit: 101

It depends upon the volume that you are dealing with. If there is a large volume, I understand that there are tax advantages to an LLC. If you wait to take profit for one year then your capital gains taxes are greatly reduced.

Another way to reduce taxes is to itemize on your tax return and list ALL of the expenses incurred in getting your BTC. Power for mining, hardware, software, rental space, tech support, anything you have to pay for in obtaining the BTC is a deduction from the overall profit made.

Another angle might be to simply convert the BTC to Gold. You still would not be converting it to cash and could hold onto the gold. I understand you can do this on EOBOT.

Best:

George D. Greenberg, Esq.
www.attorneybitcoin.com

praxe

member

Activity: 73

Merit: 10

How do I pay the least amount of taxes when covering btc to usd?

AttorneyBitcoin

full member

Activity: 167

Merit: 101

Thank you agent.

Morantis will you kindly delete your question regarding no record of my being an attorney? I am licensed and have been practicing for 24 years. The Nevada Bar has had me listed as such the entire time. Did you have a question Sir?

I have been a Bitcoin attorney for 3 years and was a speaker at Inside Bitcoin in Las Vegas at the Flamingo. Best: George D. Greenberg, Esq. www.attorneybitcoin.com

AgentofCoin

legendary

Activity: 1092

Merit: 1001

Quote from: morantis on December 28, 2016, 09:18:47 PM

Quote from: AttorneyBitcoin on December 22, 2016, 03:44:55 AM

Dear BTC/Crypto Legal Forum:

As an experienced BTC attorney I'm happy to answer all questions here.

I have noticed some misinformation in some answers here. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers.

I can only give legal advice to laws in the United States but can discuss other countries in general terms. I've been involved as an attorney and a miner in BTC and Crypto's for 3 years. During that time I have represented many client's involved in our crypto world. Happy Mining!

George D. Greenberg, Esq.
AttorneyBitcoin
Las Vegas, Nevada, U.S.A.
www.attorneybitcoin.com

why does the nevada bar have no record of you being an attorney

The Nevada Bar does have a record. See the following link:
https://www.nvbar.org/find-a-lawyer/?usearch=4278

morantis

hero member

Activity: 868

Merit: 503

Quote from: AttorneyBitcoin on December 22, 2016, 03:44:55 AM

Dear BTC/Crypto Legal Forum:

As an experienced BTC attorney I'm happy to answer all questions here.

I have noticed some misinformation in some answers here. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers.

I can only give legal advice to laws in the United States but can discuss other countries in general terms. I've been involved as an attorney and a miner in BTC and Crypto's for 3 years. During that time I have represented many client's involved in our crypto world. Happy Mining!

George D. Greenberg, Esq.
AttorneyBitcoin
Las Vegas, Nevada, U.S.A.
www.attorneybitcoin.com

why does the nevada bar have no record of you being an attorney

AttorneyBitcoin

full member

Activity: 167

Merit: 101

Well put, Sir.

In the question above the facts assumed that the country (in which the BTC was used to purchase a good or service) did not recognize BTC. I believe it would be irrelevant whether the country recognize BTC as legal tender as the parties to the agreement both agreed that the BTC had value. This is not illusory as BTC does in fact have value. An agreement was struck and consideration was given.

As to the measure of damages; if the BTC were considered personal property, it would be as if I were giving a valuable painting in consideration for a software program. The measure could come in the form of an expert opinion as to the value of the or painting at the time of the transaction.

A court could order specific performance, that the seller deliver the software program paid for, or monetary damages, which is more likely, which would then require (as you stated) an expert to determine the value of the BTC at the time of the transaction, and then reducing this to a fiat award.

AttorneyBitcoin

www.attorneybitcoin.com

NewLiberty

legendary

Activity: 1204

Merit: 1002

Gresham's Lawyer

There is a key issue regarding legal tender which might help some of the explanations here.

If a Bitcoin issue ends up in a court of law in a country that has a legal tender law similar to the USA, (most all countries), litigants are required to accept the legal tender of the state, in any dispute, as full compensation. (This is the effect of "Good for all debts public and private")

This means that anytime a court is involved, the bitcoin can be sold and the government cash substituted as payment in full to whomever wins the case. The value at time of transaction in the local fiat currency will be the important point to determine the amount, and should be one of the facts determined by the court.

Perhaps you could expand on this?

AttorneyBitcoin

full member

Activity: 167

Merit: 101

Well put and you are on the right track. In the question above the buyer wanted to sue for some form of breach and was concerned that by having used BTC as the consideration (value traded) that a court would not deem the transaction as legal. My answer was that you can use any form of value as consideration to a transaction, as long as both parties agree to the form of the value of the consideration. The parties will be then be bound under law if there is a breach. Best, AttorneyBitcoin, www.attorneybitcoin.com

zeze18

sr. member

Activity: 938

Merit: 256

hello sir ,, in my opinion the sale and purchase transactions using bitcoin will happen if both parties understand each other and agree to a payment transaction using bitcoin ,, and if it's in the country there are restrictions on the use bitcoin seller should inform you before the sale and purchase transactions occur ,

AttorneyBitcoin

full member

Activity: 167

Merit: 101

If you purchased something using BTC, in any country with a civil system of law, where you can sue for breach of contract, it will not matter if you used BTC, as long as you can show proof of delivery of your BTC to the seller and the failure of the seller to deliver the goods or services paid for.

It would be as if you traded a designer purse for a piece of art. If you can show that you sent the purse, that it was received by the seller of the art, and that the seller breached your agreement by not delivering the art to you, then you have a case. You will likely need the contract in writing.

erpbridge

legendary

Activity: 954

Merit: 1000

Thanks for doing this. My question is, that if I was involved in buying something online using bitcoin. Then if I was to pursue a legal case against the seller, then do they consider or help if the transaction was done with bitcoin, specially when the sellers country does not recognize bitcoin ?

AttorneyBitcoin

full member

Activity: 167

Merit: 101

I think this would at the very least be considered personal property that has value. If I were filing a probate with court I would definitely list this as an asset of the estate. An Executor could hire an expert to retrieve the coins and convert them to cash in favor of the estate. George Greenberg www.attorneybitcoin.com

Zz

legendary

Activity: 1820

Merit: 1077

Hello,

There is a secret key remaining as an inheritance.
Heirs do not know bitcoin.
Can the court sell coins and share to heirs.
according to me, Should not be different from real money
How does this in US law

AttorneyBitcoin

full member

Activity: 167

Merit: 101

Dear BTC/Crypto Legal Forum:

As an experienced BTC attorney I'm happy to answer all questions here.

I have noticed some misinformation in some answers here. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers.

I can only give legal advice to laws in the United States but can discuss other countries in general terms. I've been involved as an attorney and a miner in BTC and Crypto's for 3 years. During that time I have represented many client's involved in our crypto world. Happy Mining!

George D. Greenberg, Esq.
AttorneyBitcoin
Las Vegas, Nevada, U.S.A.
www.attorneybitcoin.com

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