Re:The Lightning Network: Turning Bitcoin into Money
by gamblor956 on Wednesday July 13, 2022 @02:05PM
(#32086496)
Not a lawyer or accountant here but I think it would be reasonable to only treat
the eventual on-chain withdraw as a taxable event.
IAAL. Specifically, a tax lawyer. It would not be reasonable to treat the on-chain event as sole the taxable event.
Every transaction in a cryptocurrency is a taxable event.
This is the same tax treatment that applies any time a non-USD currency is used in a transaction (by an American). Similar rules apply to citizens of EU countries.
IAAL. Specifically, a tax lawyer. It would not be reasonable to treat the on-chain event as sole the taxable event.
Every transaction in a cryptocurrency is a taxable event.
This is the same tax treatment that applies any time a non-USD currency is used in a transaction (by an American). Similar rules apply to citizens of EU countries.