Ohio will accept Bitcoin for corporate tax payments via Bitpay

Re:Ohio will accept Bitcoin for corporate tax payments via B... by narrator on Sunday November 25, 2018 @01:19PM (#18527998)

So when they collect that bitcoin do you have to pay capital gains tax on the amount you paid then this year on next year's taxes? If you pay the capital gains tax next year in bitcoin, do you have to pay the capital gains tax on that payment the year after that, etc.?

[ Parent | on HN ]

Re:Ohio will accept Bitcoin for corporate tax payments via B... by akerl_ on Sunday November 25, 2018 @01:27PM (#18528056)

I'd assume yes, just the same as if you sold bitcoin for USD yourself in order to pay the taxes.

Ohio isn't making a claim that they're changing their official currency to Bitcoin, any more than a site that adds Paypal support or Apple Pay support is claiming that their new currency is AppleBucks.

[ Parent | on HN ]

Re:Ohio will accept Bitcoin for corporate tax payments via B... by baddox on Sunday November 25, 2018 @02:07PM (#18528327)

For thoroughness, it’s also just the same as if you sold anything else that’s subject to capital gains tax in order to pay your taxes, which I suspect is not a rare occurrence.

[ Parent | on HN ]