1069 sats \ 5 replies \ @super_testnet 25 Jan 2023 \ on: Taxes & Spending Bitcoin (KYC'd Sats) bitcoin
Section 988 of the IRS Internal Revenue Code says that foreign currencies have a de minimus exemption of $200, which means if you sell bitcoin for something and accrue less than $200 on the sale, you don't need to report it. This is my tax advice.
So cool that Bitcoin is a legit foreign currency now in 2 countries!
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Well it is one more thing for them to "hold" against you if they really want to charge you with something. Everyone breaks various laws and don't realize it. only when the govt goons want to strong arm you will they "enforce" something.
Or want to get rid of you.
The deck is stacked against us.
Or want to get rid of you.
The deck is stacked against us.
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There are more laws than anyone can read, and I would not be surprised if some of them contradict other ones. Tyrants in government probably love this because when they arrest people for despotic reasons, they can make it look legit by finding an obscure law and then charging them with violating it.
But I don't think that is a good reason to avoid perfectly legal and good actions. How sorry a life I'd lead if, on the point of doing some good thing, I thought, "What if a tyrant arrests me!" If you live with a government like that, it's an abusive relationship, and I recommend finding a new country.
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I have also read this section of code. Moreover, my view is that since I sincerely believe this to be correct, even in the event it were overruled, it could not be construed as criminal.
It is not just that IRS guidance may be unlawful, if you look at their verbiage, it is unintelligible gibberish. "Digital assets" and other nonsense buzzwords are not real things, and they would have you believe that my posting this message would be a "digital asset" transaction.
More broadly, the fact that Bitcoin has a UTXO rather than account model might make it untaxable in any context ever, since it is just speech and not money.
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good to know
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