4 votes
Accepted

US Taxable Events for using Bitcoin for purchases

HR 3708, which was introduced in the House of Representatives in September 2017, would do exactly that, with a threshold of $600 (to be adjusted for inflation). It has five cosponsors. It was ...
Nate Eldredge's user avatar
2 votes
Accepted

Do I need to pay taxes if I sit on (do not use) bitcoins?

No. Assuming you are not a miner or receiving bitcoin in exchange for services, there are no taxes that you need to pay on the bitcoins until you sell or transfer them. When you sell or transfer them, ...
David Schwartz's user avatar
2 votes

Do all Banks and Credit Unions in the U.S. accept Bitcoin?

Certainly all banks and credit unions do not accept bitcoin, and I'm not aware of any that do. Banks and credit unions can be thought of as nodes in their own network that is not actually so ...
Jestin's user avatar
  • 8,802
2 votes

If I send Bitcoin from the USA to a friend in India, do I have to pay capital gain tax on it if he sells it and makes a profit?

If this is a true gift, that is, not part of any larger transaction and given out of the kindness of your heart, then you're probably going to have to consult a tax professional because this will ...
David Schwartz's user avatar
2 votes

Why do most trading platforms require ID Verification?

https://www.irs.gov/businesses/international-businesses/list-of-approved-kyc-rules These are the KYC rules for each country. Do not let places take advantage of you. I had one trader ask for a phone ...
Siren's user avatar
  • 21
1 vote

US Tax: Does a wallet exchange "count" for tax loss harvesting?

I am not a tax advisor, and you probably want to seek professional advice in your jurisdiction instead. That said, it would seem very strange to me that merely transferring funds within wallets/...
Pieter Wuille's user avatar
1 vote
Accepted

Do we Need Pay Tax for Mining for US Govt

Do you need to pay Taxes for US Govt for doing Bitcion Mining.? You are not liable for income tax because: You are not a US citizen and You are not working in the USA. Someone in the USA who is ...
RedGrittyBrick's user avatar
1 vote

Why do most trading platforms require ID Verification?

KYC and AML are required if the entity is moving money from A to B. Those entities are referred to as MSB (Money Services Business). However crypto exchanges are are not truly MSB's but they still do ...
dotglum's user avatar
  • 19
1 vote
Accepted

Keep Wallet Safe While Entering United States

The Trezor (and other hardware wallets) use the BIP 39 specification for the recovery mnemonic. If your device is confiscated, you can use the recovery mnemonic to restore your wallet to another ...
Ava Chow's user avatar
  • 70.4k
1 vote

Is it legal in Egypt to sell BTC, and is that available there?

According to https://legal-or-not.com/bitcoin/egypt-bitcoin-status/, Bitcoin is legal in Egypt. On the wiki for list of countries on stances on bitcoin, Egypt is not listed. In 2016, an Egyptian ...
James P.'s user avatar
  • 122
1 vote

Bitcoin Tax Question

I have several savings accounts that earn bitcoin on bitcoin (Magnr, BTCPop, exchange lending, etc) and I do not convert earned bitcoin back to US dollars (for now). I do keep records of the total ...
David Schwartz's user avatar
1 vote
Accepted

What bitcoin exchanges are based in the USA?

I might have missed a few, but here are the main ones based in the USA: Coinbase (not really an exchange) GDAX (part of Coinbase) Poloniex Gemini Mind you that many other exchanges based out of ...
rxon's user avatar
  • 606
1 vote

Legal status of Blockchain proof-of-existence TX (USA court)

I am not aware of any cases, but based on the long delay in relevant cases concerning the fax machine and email (proof of delivery, timestamps, etc) I would not expect such a blockchain specific case ...
Javier's user avatar
  • 286
1 vote
Accepted

How does the U.S. government view Bitcoin? Is it money?

The U.S. government views Bitcoin as a commodity, kind of like gold. If you buy Bitcoin at one price in dollars, and sell it at a higher price in dollars, you will have a gain (in dollars), that you ...
Tom Au's user avatar
  • 462

Only top scored, non community-wiki answers of a minimum length are eligible