Quote:
Originally Posted by L-Pink
As far as bitcoin payments for services rendered ? at the time of payment you would need to value the bitcoin income based on the dollars value that day. That is your taxable income amount for IRS purposes.
Again who in the hell is going to bother doing that? What a bookkeeping nightmare!
If your intention is to avoid IRS guidelines and be off the grid good luck. In the event of an audit almost every transaction can be viewed as tax evasion.
.
|
It is a mess, I already have to do this. Just filed my corporate year end and you should see all the conversions back and forth from Canadian dollars to US dollars... exchange rate is different every minute. It's a mess.