Mrticetheteacher
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Spending bitcoin vs bitcoin cash

Mon Jun 04, 2018 5:10 pm

There seems to be much in the way of tax implications when using BTC. What about BCH. Obviously BCH is moving forward with plans to use BCH as the original white paper suggests, with the many merchant adoptions occurring. Are there tax implications with every BCH transaction like with BTC?

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bitkilo
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Re: Spending bitcoin vs bitcoin cash

Tue Jun 05, 2018 12:04 pm

There seems to be much in the way of tax implications when using BTC. What about BCH. Obviously BCH is moving forward with plans to use BCH as the original white paper suggests, with the many merchant adoptions occurring. Are there tax implications with every BCH transaction like with BTC?
The laws could be very different from one country to the next, so it would be best for you to investigate this yourself.
Google is your friend ;)

I don't think there would be much if any difference at all, between the tax laws for BTC compared to BCH, not at this early stage anyway.
Crypto tax laws will always be changing over the coming years, so it would be best for you to keep an eye on them.
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Re: Spending bitcoin vs bitcoin cash

Wed Jun 06, 2018 8:59 pm

Well, bch is essentially free money because of the split, however free money is taxable in the eyes of the taxman. That said, it doesn't look like the IRS has any clear-cut guidelines in place for bch--it might be a good idea to keep a record of all transactions with bch for now and wait until laws fall into place.
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