Tax
Dec. 5, 2018
Paying taxes in bitcoin looks more and more attractive
If you are holding bitcoin or other crypto, you may well not want to sell until the market recoveries. But if you owe taxes, how about paying them in bitcoin (or selling the bitcoin to pay your tax in dollars)?
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Bitcoin and other cryptocurrency prices have gone down again. These are not the intoxicating $20,000 times, at least not now. If you are holding bitcoin or other crypto, you may well not want to sell until the market recoveries. But if you owe taxes, how about paying them in bitcoin (or selling the bitcoin to pay your tax in dollars)?
Selling now may trigger tax losses to use next year too. And in at least one state, paying tax in b...
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