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Topic: Is it legal for a merchant accepting foreign currency inside the USA? (Read 1672 times)

sr. member
Activity: 322
Merit: 251
FirstBits: 168Bc
Is there any tax disadvantages for merchants to accept foreign currency but not USD?

You can accept what you agree to. But you *must* accept the legal tender for all debts.
newbie
Activity: 33
Merit: 0
for bitcoin != currency ... barter is taxable.
full member
Activity: 196
Merit: 100
Quote
Bitcoins are == (are equal to) the points you get in a videogame.

Until a court says otherwise.



Game over. Insert Coin.
member
Activity: 84
Merit: 10
Bitcoins are == (are equal to) the points you get in a videogame.
Videogames are protected by the first amendment, therefore videogame money is protected.

go bump blocks!


legendary
Activity: 2618
Merit: 1007
Bitcoin != currency...
full member
Activity: 196
Merit: 100
There's no legal worries with any cash-only transactions. That's the point of cash. Its the failure to recognize it as income that is illegal.
full member
Activity: 168
Merit: 100
God creats math and math creats bitcoin.
So I guess there is no legal worries should any merchants have.

And in the future the exchange rate hassles can be fixed automatically by the Quickbook or some software like that, as long as bitcoin is widely accepted.
full member
Activity: 224
Merit: 100
Is there any tax disadvantages for merchants to accept foreign currency but not USD?

The only tax disadvantage is the hassle of reporting the USD value of the income and attempting to value that against the exchange rate.
full member
Activity: 196
Merit: 100
No, but when the currency is converted to cash and somehow held of record at a bank, I would recommend declaring it as income.
full member
Activity: 168
Merit: 100
God creats math and math creats bitcoin.
Is there any tax disadvantages for merchants to accept foreign currency but not USD?
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