|Author||Topic: Do You Pay Tax On Bitcoin?|
|posted: 9/5/2021 at 8:42:24 AM ET|
Many people are asking, "Do you pay tax on bitcoins?" This is a very good question and one of the first questions I thought of when I heard about this form of digital currency. I have been curious about it since I heard about it from a friend of mine a while ago. He said that anyone could buy a property with bitcoins and that the taxes on them wouldn't be much different from owning any other kind of property.
So Real estate with Bitcoin, what does this all mean for me? I am not an accountant, so I can only speculate. I know that the government has some kind of system for determining taxes, whether it be property taxes sales taxes, or whatever, and they may very well have a way to calculate taxes on bitcoins. But I don't know how or where they do it. I think it is safe to say that when a government pushes a tax on something, then the average person figures out a way to Dodge it somehow.
I hope this doesn't get you too excited about purchasing property with bitcoins, but it got me thinking about how this whole thing works. You may not necessarily pay taxes on bitcoins when you purchase a house, but maybe you will in the future. It's only a matter of time before someone figures out a way to make it so you actually do pay taxes on anything, so I will continue to research this area as long as possible.
|posted: 9/6/2021 at 7:43:06 AM ET|
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