NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Takes a "Tax-Free" Trip to the Big Apple

NewsBTC
NewsBTC
4 years ago
1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Digital currency enthusiasts might have a new reason to enjoy the Big Apple.  The state of New York has recently labeled bitcoin as “intangible property,” which means that any purchase or transaction made with bitcoin will not be subject to sales tax.

In a recent memorandum, the New York State Department of Taxation and Finance explains:

“The use of convertible virtual currency by a customer to pay for goods or services delivered in New York State is treated as a barter transaction.  For sales tax purposes, convertible virtual currency is intangible property.  Since the purchase or use of intangible property is not subject to sales tax, any convertible virtual currency received by a party to a barter transaction is not subject to sales tax.”

New York has witnessed mixed reactions to the decision.  Bitcoin Association Co-Founder David Mondrus says that while the ruling makes “perfect sense due to the IRS guidance,” it “is yet another example of the old rusting monolith that is government showing its irrelevancy.”

Of course, New York is also the birthplace of Benjamin Lawsky’s controversial BitLicense proposal, which details licensing and customer address tracking for businesses that delve in the digital currency, so a few raised eyebrows regarding what some are calling New York’s sudden “change of heart” towards bitcoin should not be surprising.

However, the state’s decision has also caused a few to wonder if perhaps bitcoin and its cryptocurrency cousins are finally finding a solid place in the world, and that maybe government is no longer viewing the digital finance arena with a worried expression on its face.

Tweet123Share196ShareSend
NewsBTC
NewsBTC

NewsBTC

Comments 1

  1. Reuben says:
    11 years ago

    This is misleading. Purchases of goods and services are still subject to sales tax in the usual way, even when bitcoin is used as payment. It’s just that the bitcoin itself is not subject to sales tax.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 1

  1. Reuben says:
    11 years ago

    This is misleading. Purchases of goods and services are still subject to sales tax in the usual way, even when bitcoin is used as payment. It’s just that the bitcoin itself is not subject to sales tax.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Cardano koers alarm: technische analyse geeft ADA koers 10x signaal

Cardano koers alarm: technische analyse geeft ADA koers 10x signaal

De afgelopen week zag Cardano een daling van ruim 6%, maar volgens technische signalen is er een andere wind op...

Lars Diederiksen 4 hours ago

Treibt die Schuldenkrise der USA Bitcoin auf 2 Millionen?

Das US-Wirtschaftsmagazin Forbes erscheint bereits seit mehr als 100 Jahren. Entsprechend viel Kompetenz hat sich in den Redaktionsräumen des Magazins...

georgsteiner 6 hours ago
Bitcoin

Bitcoin Holds Key Support Amid Gravestone Doji – $120,000 Hangs In Balance

In his latest daily technical outlook, Cryptowzrd highlighted that Bitcoin closed the day with a gravestone doji, while holding above...

Godspower Owie 9 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP

Why $50 XRP By December 2025 Isn’t ‘Hopium’ If ETFs Get Greenlight: Analyst

Christian Encila 12 minutes ago
Ethereum

Ethereum Mirrors Bitcoin Post ATH Movement, As Market Bears Target 20% Correction

Semilore Faleti 2 hours ago
Bitcoin

New Peak: Bitcoin Mining Difficulty Soars To 135 Trillion

Christian Encila 2 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後4ドル到達の可能性、新興ミームプロジェクトが200万ドルICOに迫る

    ドージコイン...

    11 hours ago
  • 仮想通貨おすすめ:新興レイヤー2プロジェクトがプレセールで1,420万ドル突破

    ...

    11 hours ago
  • シバコイン 今後の可能性と、新たに浮上する注目のレイヤー2プロジェクト

    シバコイン...

    11 hours ago
  • ビットコイン 今後の展望:長期眠っていたBTCウォレットが突然52億円分を移動

    ビットコイン...

    13 hours ago
  • パイネットワーク 価格分析:バンド収束から爆発的上昇の可能性、ウォルコフ指標が点灯

    パイネットワーク...

    14 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.