Ohio will accept Bitcoin for corporate tax payments via Bitpay

Re:Ohio will accept Bitcoin for corporate tax payments via B... by Zarath on Sunday November 25, 2018 @02:01PM (#18528283)

So do I have to pay taxes for the taxes I just paid on my Bitcoin?

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Re:Ohio will accept Bitcoin for corporate tax payments via B... by greenyoda on Sunday November 25, 2018 @02:16PM (#18528364)

If you converted Bitcoin to cash to pay your taxes (which is how Ohio's service actually works) and that resulted in a capital gain (you originally paid less for that Bitcoin than it's worth today), then you'd need to pay taxes on that capital gain.

This is no different than selling any other asset (stocks, a house, etc.) to get cash to pay your taxes.

[ Parent | on HN ]