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RE: Question: What might it mean for tax purposes if Bitcoin is labeled a commodity by the IRS?
I’d love for some more clarity on taxes. It’s so hard to keep track of cost basis since it’s treated as property. Every time you buy something you not only need to know the price of the item you buy calculate the cost basis of the currency at that purchase time. There is so much burden right now which causes so many people not to report.
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It pretty much makes it impossible to use as a currency.
So true. Until that changes and it’s treated like normal currency mass adoption is not likely.
I agree completely. No matter how good the technology, if you still have to track capital gains every time you transact with it, it won't catch on.
Well put.