New Jersey Revises Publication Discussing Virtual Currency

Wednesday, August 5th, 2015

 
 
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New Jersey
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New Jersey Department of Taxes has revised a publication discussing the sales tax implications of virtual currency.

The revised publication states that New Jersey considers convertible virtual currency such as bitcoin to be intangible personal property. However, sales tax applies when the currency is transferred for taxable goods or services. If a seller accepts the currency as payment, it must calculate the fair market value in dollars and charge tax on the underlying transaction. Sellers that accept this currency are required to register for sales tax purposes and to collect and remit tax.

The publication also discusses the tax implications of convertible virtual currency in relation to the Corporation Business Tax and the Gross Income Tax.

http://www.state.nj.us/treasury/taxation/pdf/pubs/tams/tam-2015-1.pdf


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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