Quote:
Originally Posted by dyna mo
my question was in regards to this comment by L
it seems to me that this is comparable to a barter type of transaction where the exchange rate is always dynamic yet the irs allows these and accounts for them.
|
Bartering comes down to declaring fair market value. Since bitcoins are cashed out at a specific dollar amount everyday current value is easy to pinpoint. So a payment for your services on a given day is declared in the dollar value of that days bitcoin.
Since the legal accounting of value is tied exactly to a dollar amount why bother getting paid in bitcoins? You owe the IRS in dollars.
.