To be taxed bitcoin - losses are deductible - Dagbladet.no

(OBI): It is a known fact that the Norwegian tax authorities hunt bitcoin wins.

The virtual currency, which is only available online and not in physical form, is used in e-commerce payment of virtual goods and services.

Tax Directorate has issued a policy statement on how bitcoin should be taxed and the states that gain on the sale of bitcoin is taxable, enter financial newspaper.

Thus is it okay to buy bitcoin as an investment, but worse if used as currency.

– The purchase price represents the input value and the gain is the difference between the sales price and the purchase price. The gain must be entered on your tax return and taxed at 28 percent this year and 27 percent next year, says Deloitte lawyer Carine Rokenes Finance newspaper.

With the huge drop in value that bitcoin has undergone during December, it might most interesting that capital gains allows the loss to be recognized as a deduction on your tax return.

Pitfalls

More complicated can it be if you reinvest the bitcoin market, writes Financial newspaper.

One day you sell an item and receives payment in bitcoin. A few days later buys you a new computer online for the same Bitcoin. Meanwhile, the price has gone up.

– Here they have received some sort of theoretical gain, even if the price of the computer has changed due to change of course. Taxes mean that you’ll treasure this prize, says Carine Rokenes.

According to financial newspaper becomes even more complicated if one “mines” bitcoin.

– Each participant in the group has put computing power at our disposal to solve blocks. A block solved approximately every ten minutes and the group will be assigned a share bitcoin. The percentage that the group has received is allocated to individual participants based on how much computing power each has contributed. Those mines are thus helping to drive the system with bitcoin further and helps new bitcoin is produced, says Rokenes.

Tax Administration has not taken a position on this in his statement, and how “mining” shall be taxed is currently unclear. One possibility is capital gains here too. Another is that “mining” are deemed to be commercial if the scale is large enough. Marginal tax on business income is 51 percent this year and 50.4 percent next year.

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