Here are some great news for you if you are concerned of the future to Bitcoin and other cryptocurrencies. Norway’s Tax Administration has just announced that Bitcoin losses are tax deductible which means that if you do lose on your Bitcoin investments, you can get your money back by deducting your losses from the taxes you were supposed to pay.
Here is an excerpt in Norwegian:
Skattedirektoratet mener at det skal betales gevinstskatt på 28 prosent for bitcoins. Tilsvarende er tap fradragsberettiget.
They have also said that they have began claiming tax on any Bitcoin profits. This is good news for the Bitcoin community because Norway is now taking the lead to try and regulate Bitcoin and other cryptocurrencies making it legal to both use, own and trade with.
Do you think other countries will follow?