Hello, my business has recently started accepting e-gold for payment (see http://www.redprince.net/enter/egold.html if curious), and I am wondering how do I treat it for tax purposes (in the US).
I am sure the IRS will want its cut, but how do I determine the fiat equivalent? My company web site has a form to accept e-gold by weight, not by dollars. And, of course, its value fluctuates. It seems logical that the value should be determined by whatever amount of USD I get for it whenever I turn it into fiat, but I presume the IRS will want its cut in the year in which I receive the gold rather than in the year when I exchange it for cash, which may or may not be the same year. Secondly, if I pay independent business contractors in e-gold and have to give them an IRS form at the end of the year, again, how do I determine how much I paid them in paper money when I actually paid them in gold? Adam --- http://EasyDomain.com/ Domains for less --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
