Category Archives: capital gains

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Carrie Kirby – Bitcoin Paychecks

Carrie Kirby – Bitcoin Paychecks:

Writer Carrie Kirby (@CarrieKirby), in an article on Coindesk, describes some experiences by those who earn their incomes in Bitcoins.  Excerpts:

“It’s interesting to learn how little inconvenience and uncertainty is being reported by the select few who collect their pay in bitcoins.”

“San Francisco bitcoin wallet company CoinBase pays all six of its employees entirely in bitcoins, and employee Olaf Carlson-Wee says: ‘I try to stay within the bitcoin economy as much as possible.’”

“’If I received my bitcoin on September 1 and it’s worth $10, but then I sell it at $20, the initial $10 is (subject to) payroll tax, but then the additional $10 would be considered a capital gain, from the advice that I received,’ Holland said.”

“The companies issue W2 forms and report the salaries paid to the government as they normally would.”

“Carlson-Wee, who keeps most of his savings in bitcoins aside from a small USD reserve, admits that a personal financial emergency could put him in the position of having to sell off a lot of his bitcoins at a low price.”

 – http://www.coindesk.com/getting-paid-in-bitcoins
 –  (Further discussion of this post)

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