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.
A thousand dollars in dollars is worth a thousand dollars regardless of when I deposit them in the bank. A thousand dollars worth of bitcoin changes hourly and you are required to pay tax on any increase in their value after you acquire them.
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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IF bitcoins ever take off, it would be relatively easy to setup software to track everything correctly.... so site owner would just buy some $199 software, then just once a month (or year or whatever) export all the transactions, all correctly tracked with exchange rates, all correctly calculated, etc...
