Some states allow you to pay in gold. <br><br><div class="gmail_quote"><div dir="ltr">On Tue, Nov 27, 2018, 11:18 AM Tom Henderson <<a href="mailto:thenderson@extremelabs.com">thenderson@extremelabs.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
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<p>BTC, in and of themselves, are not "taxable events". If you
minted them, you have a basis and may have a capital gain in their
manufacture. <br>
</p>
<p>If you bought high and sold higher, there's a taxable gain. If
you bought high and sold low, you have a loss.</p>
<p>If you bought BTC at $5K and sold that segment for $5K, there is
no loss or gain, and there is no theory of tax that applies,
except those surrounding intangible property taxes, which are
usually transient (taxed once per annum or period). <br>
</p>
<p>So, paying in BTC for taxes due doesn't create another taxable
event, e.g. no double taxation.</p>
<p>Is Ohio smart or stupid for taking BTC? Smart. Three reasons: 1)
it outs BTC holders who may or may not have an unreported possible
gain; 2) allows those that bought high, which includes many
people, a way of paying potentially without an offsetting loss,
which would lower Ohio's capital gain income; and 3) getting paid
today offsets inflation. All taxing authorities want to offset
inflation, which they can't control.</p>
<p>Tom</p></div><div text="#000000" bgcolor="#FFFFFF">
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<div class="m_-1965133305890553394moz-cite-prefix">On 11/27/18 6:12 AM, Liam Kelly wrote:<br>
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<div dir="auto">The second degree of irony (of which I'm still
parsing through) is that in the US all Bitcoin transactions
are taxable events.</div>
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<div dir="auto">So does that mean that paying taxes in BTC would
also engender yet another taxable event? </div>
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</div>
<div dir="auto">Outside of the infinite feedback loop of paying
your crypto taxes, I think Ohio has done this more in regards of
optimism/adoption ("bullish") and hoping to attract small
businesses. </div>
<div dir="auto"><br>
</div>
<div dir="auto">The Midwest, in general, indeed seems pretty
curious to attract crypto talent. There are more than a few
politicians from the region announcing their crypto support. </div>
<div dir="auto"><br>
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<div dir="auto">Final note: Bitcoin will eventually get absorbed
by the state or die. I feel pretty confident about that despite
holding a bit of this magic Internet money...</div>
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<div dir="ltr">Tom Geller <<a href="mailto:tom@tomgeller.com" target="_blank">tom@tomgeller.com</a>>
schrieb am Di. 27. Nov. 2018 um 18:25:<br>
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<div>This strikes me as strange because of something taught
to me in an economics class 15 years ago: Taxes are one of
the only pinchpoints where government can insist on
payment in dollars.
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<div>Even if the rest of society starts trading in chicken
feet, by insisting on dollars the government ensures
that they continue to have value. (No dollars? We're
putting you in jail.) When the Hungarian pengő bills
became near-worthless in 1945, what replaced them? Tax
certificates ("adópengő").
<div><br>
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<div>Perhaps I was mistaught, or that economic model is
no longer valid. Or perhaps the state is sticking it
to the federal government. (In the latter case, I'd
expect some lawsuits and public statements.) In either
case, I don't get it.</div>
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---<br>
Tom Geller * Writer & Video/journalist * <a href="http://tomgeller.com" target="_blank">http://tomgeller.com</a><br>
Rotterdam, The Netherlands, +31 (0)6
87071468<br>
Oberlin, Ohio * +1-415-317-1805</div>
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<pre class="m_-1965133305890553394moz-signature" cols="72">--
Tom Henderson
ExtremeLabs, Inc.
+1 317 250 4646
Twitter: @extremelabs
Skype: extremelabsinc</pre>
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