Michigan Issues Guidance on Virtual Currency

Monday, November 2nd, 2015

 
 
Gold coins .
Share
Link
Michigan
General

The Michigan Department of Treasury released guidance explaining what virtual currency is and how sales tax applies when virtual currency is used.

Virtual currency, such as Bitcoin, has a monetary equivalent to real currency. If a person purchases taxable property using virtual currency, the person has to figure out the dollar value of the virtual currency. This value must be calculated as of the day and exact time the sale occurred, and the seller must keep records of this value. Sales tax applies based on the dollar value of these sales.

However, virtual currency is not itself considered tangible personal property, so purchases of virtual currency are not subject to sales tax.

http://michigan.gov/documents/treasury/Tax-Policy-November2015-Newsletter_504036_7.pdf?20151027111821


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

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.

Texas Releases Detailed Guidance on Exempt Organizations

Thursday, October 18th, 2018 -The Texas Comptroller has released a publication that provides detailed information on how sales and use tax a...

Telephone Answering Services Taxable in Arkansas

Tuesday, October 16th, 2018 -The Arkansas Department of Finance and Administration recently ruled that the service of answering calls on be...

Washington Provides Guidance on Lodging Tax for Online...

Friday, October 12th, 2018 -The Washington Department of Revenue released updated guidance that provides tax reporting information for bed...

Economic Nexus in West Virginia

Wednesday, October 10th, 2018 -The West Virginia State Tax Department announced that it will require remote sellers to begin collecting sales...

Idaho Provides Guidance on the Exemption for Medical...

Monday, October 8th, 2018 -The Idaho State Tax Commission recently released guidance that explains Idaho's sales and use tax laws for buy...

Arkansas Does Not Follow Federal Law on Foreign Income

Friday, October 5th, 2018 -The Arkansas Department of Taxation and Finance recently released an opinion that says the state does not conf...