I own a retail gun store and I recently started accepting BTC both on our website and in store. We processed a return transaction the other day and I assumed if I returned the exact amount of BTC as was paid originally (minus network fees) I would not need to worry about tax implications of this.
Of course my plan is to just HODL the BTC and only worry about taxes if I need to liquidate for cash.
My accountant says that because I sent out BTC there was a taxable event and I will need to track these transactions. She also suggested I only return the fiat USD equivalent at the point of return as opposed to the amount of BTC that was originally paid.
What are the best practices for processing these types of returns? Where can I find official accounting / taxation information to send my accountant?
What would customers expect to receive for a return? The BTC paid? Or the USD equivalent at current conversion rates?
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