Quote:
Originally Posted by L-Pink
As a merchant you would need to sell the bitcoins as you receive them hopefully for the same value as received. To acquire them and sell once a month would require you to track the profit or loss between receiving them and redeeming them. They are after all an investment tool not fixed rate currency.
As a purchaser you would need to track them as I previously stated. Unless you aren't a US citizen then I have no idea what the tax codes are.
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I'm skeptical that this is required if you are converting it say every 30 days. It reminds me of a story I heard from a friend many years ago. He used to let his minor son help out with his business from time to time. Not wanting to do things incorrectly he went to great measures to keep track of his son's hours, earnings and to keep on top of all the regulations to the point where every little thing was documented. To his surprise he received a letter from the IRS basically telling him "don't waste our time and we won't waste yours".