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by garmaine 2518 days ago
> IANAL, I'm not a tax expert, but I believe you can deduct losses when converting to/from fiat currency (US dollars). Which is where taxation would take effect.

You are flat out wrong. You are taxed on any income or transaction, no matter the currency used.
1 comments
tracker1 2518 days ago
IIRC, you don't pay capital gains/taxes while sitting on one share of stock that you haven't exchanged yet.

When you trade it, that's when you get taxed.

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sbov 2518 days ago
That's when you buy it. I'm not an accountant, but AFAIK if someone gave you stock for performing a service you would pay taxes on it at that point in time. Then if you sold it you would pay taxes on the difference in value.

I think the key might be that the IRS is viewing bitcoin as a payment for the service of mining.

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