How is it possible in US if someone reveiced salary in Bitcoin, right on that day income become taxable? In Europe, in Hungary only when BTC is sold and sent to a bank account it become taxable. So in my country my assumption is, it is possible to postpone when income become taxable received in BTC.
My tax consultant said the reason is because BTC is not an acknowledged currency at our central bank, this is the difference between EU and US BTC taxation. Do you agree?
I suspect that the differences in taxation between EU and US may be less than you state.
Salary is taxed based on the cash equivalent value. If you are paid in paperclips, this is sometimes known as a "benefit in kind" and is taxed in the same way as salary paid in fiat currency. The amount is based on the current cash-value of paperclips.
Capital gains are taxed based on the gain in value. If you save your paperclips until the global paperclip shortage disaster and then sell them for ten times their original cash-value, you pay capital gains tax (not income tax) on the difference.
The wording varies from country to country but the same general principles seem to be followed.
The US IRS say
Q–3: Must a taxpayer who receives virtual currency as payment for goods or services include in computing gross income the fair market value of the virtual currency?
A–3: Yes. A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.
Q–6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property?
A–6: Yes. If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain.
How is it possible in US if someone reveiced salary in Bitcoin, right on that day income become taxable?
Because you had income. Whether your paid in dollars, bitcoin, Euros, or grain doesn't matter. You received payment for services and that's taxable income.
In Europe, in Hungary only when BTC is sold and sent to a bank account it become taxable.
Different countries tax bitcoin differently, but that would be extremely strange. I've never heard of a country that had an income tax but exempted from tax income that wasn't in currency form. I guess it's possible to have a country that treats a trade of work for bitcoin as barter and only taxes barter as income if the traded asset is sold.
My tax consultant said the reason is because BTC is not an acknowledged currency at our central bank, this is the difference between EU and US BTC taxation. Do you agree?
The US doesn't treat BTC as a currency either, they treat it as a commodity or generic asset. US income tax doesn't care whether you get paid in dollars, bitcoin, or furs -- it's still taxable income as soon as there are no significant obstacles to you taking possession of it.
