Bitcoin Gambling Tax Loophole
Those that bought Bitcoin at the start of the year are not only going to make huge profits from the price increase but they also could avoid paying tax thanks to a Bitcoin loophole. Experts estimate it could cost the US Government millions of dollar in revenue if action is not taken to close it.
There have been huge profits made after investors capitalized on the Bitcoin value and sold to make vast profits. The Bitcoin Tax Loophole is thanks to them being classifed as gambling which winnings are tax-free.
To find out more about the Bitcoin gambling tax loophole, click the link below to view the full article at the Telegraph Newspaper.
The price of Bitcoin has plummeted in recent weeks from its high of $20,000 Credit: Bloomberg A tax loophole which reduces Bitcoin investors’ gains to zero will be exploited by people filling in their returns for this tax year, potentially creating millions in lost revenue for the Government, experts […]