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That is, you’ll pay ordinary tax rates on short-term capital gains (up to 37 percent in 2023 and 2024, depending on your income) for assets held less than a year.
The European Union has passed no specific legislation relative to the status of bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services.
Biden administration is proposing a 30% tax on electricity used by #bitcoin miners, even if you are off-grid using your own solar and wind generation. All of the reasons they provide are ...
James Chanos, known as the "dean of the short sellers", believes that bitcoin and other cryptocurrencies are a mania and useful only for tax avoidance or otherwise hiding income from the government. Bitcoin "is simply a security speculation game masquerading as a technological breakthrough in monetary policy". [80]
If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown entity (person or persons). [5] Use of bitcoin as a currency began in 2009, [6] with the release of its open-source implementation.
Income tax payers in the U.S. now have the option to receive their federal and state refunds in bitcoin through Bitpay and Refundo.
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