Overstock To Use BTC To Clear Tax Obligation In Ohio, US. Overstock.com recently announced its intention to pay some of its state – owned business taxes in Bitcoin using the newly announced government crypto payment platform. The online retailer based in Utah has announced plans to pay its Ohio Commercial Activity Taxes in Bitcoin using the official OhioCrypto.com payment platform. Bitcoin ... If you're curious about how to report Bitcoin earnings or losses on your taxes, remember that this cryptocurrency is taxed differently, depending on whether you mine it, invest in it or are paid ... The IRS has made it clear that Bitcoin is a type of property and your transactions must be reported. You should file Form 8949, Sales and Other Dispositions of Capital Assets and Schedule D (1040), Capital Gains and Losses, with your annual tax return to reflect your cryptocurrency transactions. Failure to Report According to the announcement, Overstock will use bitcoin to cover its Ohio commercial activity taxes in February 2019, using the recently launched cryptocurrency taxpayer platform, OhioCrypto.com. Ohio is the first US state to accept Bitcoin as a payment method for taxes. In November, twenty-three kinds of business taxes became available for payment in crypto, including utility tax, sales tax ... Overstock’s move to accept Bitcoin early on has made it a pioneer of crypto adoption. Igor Chugunov, CEO and founder of Credits Blockchain Platform, summed up how Overstock helped the mass market ease into the crypto world when he told Cointelegraph: “It creates an appropriate environment for the popularization of cryptocurrencies by introducing innovative fast payment systems that will si US retailer Overstock has announced it will pay part of its business taxes in the state of Ohio with Bitcoin. Ohio is the first US state to accept Bitcoin for tax payments, and the move is a way ... Online retail giant Overstock will become the first major US company to pay part of its 2019 Ohio state business taxes in bitcoin. Overstock — which has a blockchain business division — said ...
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