What To Know About Bitcoin And Taxes – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

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BEING PAID IN BITCOIN, OR PAYING IN BITCOIN, ARE TAXABLE EVENTSIf someone pays you for your services in bitcoin, that is taxable as self-employment income. Your income is the U.S. dollar value of the coins you received on that day of payment. Like with mining, you then have a cost basis for those coins.Likewise, if you pay someone else for their services with bitcoin, you have just disposed of some coins. As such, you have either a capital gain or capital loss on the transaction.

Source: What To Know About Bitcoin And Taxes – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

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