Topic: Capital Gains Tax (Read 907 times)
Exchanging... I play Eve Online as well.
Selling them for bitcoin for example?
I can exchange EVE Online isk for bitcoin, but this doesn't mean i have to report my isk as income. Same for wow gold and whatelse.
Tell me where I can do this?
I can exchange EVE Online isk for bitcoin, but this doesn't mean i have to report my isk as income. Same for wow gold and whatelse.
Look one way or the other, you're going to have to convert it to dollars, right? I mean you can't keep it virtual forever.
I for one don't have any plans to convert my "personal" bitcoins back to fiat money in the near or distant future, with the exception of acting as a middleman. However, when I spend coins, it us usually converted to fiat by the other party, and therefore taxed, so you are effectively right.
Or now they will tax also my EVE Online ISK?
I guess the question is, what if you accumulate all your profits as something that cannot be taxed, but can be exchanged?
Look one way or the other, you're going to have to convert it to dollars, right? I mean you can't keep it virtual forever.
Unrealized tax gains cannot be taxed.
Unrealized tax gains cannot be taxed.
I suppose bitcoin is taxed only if you sell it for dollars. Otherwise it's just a virtual thing.
Or now they will tax also my EVE Online ISK? After all i could sell them for bitcoins...
Or now they will tax also my EVE Online ISK? After all i could sell them for bitcoins...
Canada
Earnings X 50% X ordinary income tax bracket
$100 X 50% X 43% = $21
USA
Short term gains: ordinary income tax rate
Long term gains/Eligible Dividends: 15%
BITCOIN DOES NOT COUNT AS PER THE 15% therefore you are taxed the normal rate.
Earnings X 50% X ordinary income tax bracket
$100 X 50% X 43% = $21
USA
Short term gains: ordinary income tax rate
Long term gains/Eligible Dividends: 15%
BITCOIN DOES NOT COUNT AS PER THE 15% therefore you are taxed the normal rate.
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