Topic: Bitspend.net, Gold & Taxes (Read 789 times)
Welcome to the world of money laundering. There is a whole industry dedicated to this.
I'm hoping to get some clarity on this issue which for some is probably obvious.
Here is my understanding of tax law (in the US, but I assume its similar elsewhere as well): You are only taxed on bitcoins when you sell coins back into fiat.
So, this leads me to believe that if you never sell them back into fiat, there is no taxable event? Would conversion from coins into a good create such an event? Or into gold/ silver and then into fiat create such an event?
Thanks in advance for your input.
Here is my understanding of tax law (in the US, but I assume its similar elsewhere as well): You are only taxed on bitcoins when you sell coins back into fiat.
So, this leads me to believe that if you never sell them back into fiat, there is no taxable event? Would conversion from coins into a good create such an event? Or into gold/ silver and then into fiat create such an event?
Thanks in advance for your input.
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