[Ipg-smz] Ohio accepts bitcoin to pay taxes (Techcrunch)

Wed Nov 28 15:04:11 UTC 2018

When, where by who is the price set? All good questions.

On Tue, Nov 27, 2018, 11:55 PM Richard Santalesa <
rsantalesa at smartedgelaw.com> wrote:

> ROFL
>
>
>
> *From:* Ipg-smz [mailto:ipg-smz-bounces at netpress.org] *On Behalf Of *Ken
> Hess
> *Sent:* Tuesday, November 27, 2018 5:27 PM
> *To:* ipg-smz at netpress.org
> *Subject:* Re: [Ipg-smz] Ohio accepts bitcoin to pay taxes (Techcrunch)
>
>
>
> Can I pay in "scrap" gold? Don't you love those jewelry places that tell
> you to bring in your scrap gold? Seriously. Scrap gold.
>
>
>
> That's like spare change.
>
>
>
> "Hello, sir, how are you? Do you have any spare change?"
>
>
>
> "No, but I do have some scrap gold."
>
>
>
> Oy.
>
>
>
>
> Thanks,
>
>
>
> Ken
>
>
>
> Kenneth Hess
> (918) 919-0411
> Twitter: @kenhess
>
> Skype: kenneth_hess
>
> kenhess.com <http://www.kenhess.com/> - frugalnetworker.com
>
> Filmmaker - Podcaster - Reviewer - System Administrator - Writer
>
>
>
>
>
> On Tue, Nov 27, 2018 at 3:49 PM Sharon Fisher <slfisher at gmail.com> wrote:
>
> Some states allow you to pay in gold.
>
> On Tue, Nov 27, 2018, 11:18 AM Tom Henderson <thenderson at extremelabs.com>
> wrote:
>
> 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.
>
> If you bought high and sold higher, there's a taxable gain. If you bought
> high and sold low, you have a loss.
>
> 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).
>
> So, paying in BTC for taxes due doesn't create another taxable event, e.g.
> no double taxation.
>
> 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.
>
> Tom
>
>
>
> On 11/27/18 6:12 AM, Liam Kelly wrote:
>
> The second degree of irony (of which I'm still parsing through) is that in
> the US all Bitcoin transactions are taxable events.
>
>
>
> So does that mean that paying taxes in BTC would also engender yet another
> taxable event?
>
>
>
> 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.
>
>
>
> 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.
>
>
>
> 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...
>
>
>
> Tom Geller <tom at tomgeller.com> schrieb am Di. 27. Nov. 2018 um 18:25:
>
> 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.
>
>
>
> 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").
>
>
>
> 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.
>
>
> ---
> Tom Geller  *  Writer & Video/journalist  *  http://tomgeller.com
>        Rotterdam, The Netherlands, +31 (0)6 87071468
>             Oberlin, Ohio  *  +1-415-317-1805
>
>
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>
>
>
>
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> --
>
> Tom Henderson
>
> ExtremeLabs, Inc.
>
> +1 317 250 4646
>
> Twitter: @extremelabs
>
> Skype: extremelabsinc
>
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-- 
Dana Blankenhorn
http://www.danablankenhorn.com
http://investorplace.com/author/danablankenhorn/#.WJzBOzsrLIV
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