Overclock.net › Forums › Distributed Computing › Distributed Computing - General › [Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread
New Posts  All Forums:Forum Nav:

[Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread - Page 775

post #7741 of 22504
Quote:
Originally Posted by Jeffinslaw View Post

I highly doubt the IRS is going to go through and audit the people who made $500-$5000 off of this. The people that need to watch out are hookies and others who have made LARGE gains from this. And we will see real soon (since it is tax time) if it is going to be taxed. I doubt it.

Jeffinslaw

It's not whether they will decide to tax it or not, it's considered income, and when you sell it's a realized gain and that is taxable. I highly suggest you guys read through this so you know what you have going on.

Reddit Tax Attorney AMA
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
post #7742 of 22504
Quote:
Originally Posted by peezysc View Post

It's not whether they will decide to tax it or not, it's considered income, and when you sell it's a realized gain and that is taxable. I highly suggest you guys read through this so you know what you have going on.

Reddit Tax Attorney AMA

And I'm telling you that if there isn't anything on any of my tax forms this year, then I'm good.
MurderMac
(1 item)
 
Schwarz Nickel
(11 items)
 
Project mATX
(11 items)
 
Case
Apple Power Mac G5 
CPUMotherboardGraphicsGraphics
Intel Xeon E5 2660 V1 ASUS Rampage Gene X79 PNY GTX 970 PNY GTX 970 
RAMHard DriveCoolingOS
Klevv Fit 16GB SanDisk 120GB Extreme SSD Custom EK Watercooling Loop Windows 10 
MonitorPowerCase
Dell U1525H SilverStone 600w SFX Project mATX 
  hide details  
Reply
MurderMac
(1 item)
 
Schwarz Nickel
(11 items)
 
Project mATX
(11 items)
 
Case
Apple Power Mac G5 
CPUMotherboardGraphicsGraphics
Intel Xeon E5 2660 V1 ASUS Rampage Gene X79 PNY GTX 970 PNY GTX 970 
RAMHard DriveCoolingOS
Klevv Fit 16GB SanDisk 120GB Extreme SSD Custom EK Watercooling Loop Windows 10 
MonitorPowerCase
Dell U1525H SilverStone 600w SFX Project mATX 
  hide details  
Reply
post #7743 of 22504
Quote:
Originally Posted by peezysc View Post

Just keep in my mind that converting btc to cash is a taxable event, and if you get audited the irs can hit you hard.

I'm counting it as income, and I'll be checking with my CPA come tax time.
 
Reginald
(14 items)
 
GLaDOS (v3)
(12 items)
 
CPUMotherboardGraphicsGraphics
i7-970 @ 4.14GHz 1.350v P6T7 WS Supercomputer MSI 7970 GHz Edition HIS 6950 
RAMHard DriveHard DriveCooling
48GB Crucial Ballistix @1660MHz 9-9-9-27 Momentus XT intel 480GB 520 series INX-720 
OSMonitorMonitorMonitor
win7pro Soyo P-MVA 1200p 24" Dell 24" 1200p Dell 17" 4:3 (market tickers) 
KeyboardPowerCaseMouse
Dell Quietkey AX850 PC-Z60 Logitech G5 
CPUMotherboardGraphicsRAM
Q6700 @ 3.0 (stock volts) ASUS P5WDG2-WS PRO HIS 6950 2GB turbo (unlocked) 8GB DDR2 800 
Hard DriveOptical DriveOSMonitor
9550SX w/BBU + 4x 250GB 7.2k Raid 5 HL-DT-ST DVDRW GSA-H30L Kali Linux VNC (TC Rig, baby) 
KeyboardPowerCaseMouse
Dell QuietKey (PS2) Truepower Trio 650 Koolance PC3-420SL Logitech G5 
  hide details  
Reply
 
Reginald
(14 items)
 
GLaDOS (v3)
(12 items)
 
CPUMotherboardGraphicsGraphics
i7-970 @ 4.14GHz 1.350v P6T7 WS Supercomputer MSI 7970 GHz Edition HIS 6950 
RAMHard DriveHard DriveCooling
48GB Crucial Ballistix @1660MHz 9-9-9-27 Momentus XT intel 480GB 520 series INX-720 
OSMonitorMonitorMonitor
win7pro Soyo P-MVA 1200p 24" Dell 24" 1200p Dell 17" 4:3 (market tickers) 
KeyboardPowerCaseMouse
Dell Quietkey AX850 PC-Z60 Logitech G5 
CPUMotherboardGraphicsRAM
Q6700 @ 3.0 (stock volts) ASUS P5WDG2-WS PRO HIS 6950 2GB turbo (unlocked) 8GB DDR2 800 
Hard DriveOptical DriveOSMonitor
9550SX w/BBU + 4x 250GB 7.2k Raid 5 HL-DT-ST DVDRW GSA-H30L Kali Linux VNC (TC Rig, baby) 
KeyboardPowerCaseMouse
Dell QuietKey (PS2) Truepower Trio 650 Koolance PC3-420SL Logitech G5 
  hide details  
Reply
post #7744 of 22504
Quote:
Originally Posted by Jeffinslaw View Post

And I'm telling you that if there isn't anything on any of my tax forms this year, then I'm good.

Just trying to save you a headache down the road. Another tip, if you withdraw more than $2000 from coinbase, your bank is required to file a SAR report with FinCen.
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
post #7745 of 22504
Quote:
Originally Posted by u3b3rg33k View Post

I'm counting it as income, and I'll be checking with my CPA come tax time.

Me too. I imagine it will be tough finding a CPA with knowledge of bitcoin in South Carolina though...lol
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
post #7746 of 22504
Quote:
Originally Posted by peezysc View Post

It's not whether they will decide to tax it or not, it's considered income, and when you sell it's a realized gain and that is taxable. I highly suggest you guys read through this so you know what you have going on.

Reddit Tax Attorney AMA

I posted that exact link a few pages back (I have mine set to 100 posts per page). I knew what I was saying. Just needed some OCN'ers to sound off.
    
CPUMotherboardGraphicsRAM
Q8400 DFI LP DK P45-T2RS eVGA GTX 650 Kingston 
Hard DriveOptical DriveOSMonitor
2.8TB Total LG Super DVD Burner SATA VII Enterprise x64 Gateway FHD2401 
PowerCaseMouseMouse Pad
Corsair VX550W NZXT Source 210 White Logitech G400 Razer Kabuto 
Audio
Creative Audigy 
  hide details  
Reply
    
CPUMotherboardGraphicsRAM
Q8400 DFI LP DK P45-T2RS eVGA GTX 650 Kingston 
Hard DriveOptical DriveOSMonitor
2.8TB Total LG Super DVD Burner SATA VII Enterprise x64 Gateway FHD2401 
PowerCaseMouseMouse Pad
Corsair VX550W NZXT Source 210 White Logitech G400 Razer Kabuto 
Audio
Creative Audigy 
  hide details  
Reply
post #7747 of 22504
Quote:
Originally Posted by legoman786 View Post

I posted that exact link a few pages back (I have mine set to 100 posts per page). I knew what I was saying. Just needed some OCN'ers to sound off.

I knew I saw the link somewhere, I just couldn't remember where. Thank you for sharing it because it definitely helped me with some lingering questions I had.
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
My System
(15 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 2600k Asus Maximus V Formula EVGA GTX 780 SLI Samsung Magic Ram 
Hard DriveOptical DriveCoolingOS
OCZ Vertex 4  LG Blu-Ray Corsair H100 Windows 8 Pro 
MonitorPowerCaseMouse
BenQ XL2420T or LG 42LM6200 Corsair AX850 Corsair 550d Logitech G9X 
Audio
M-Audio AV-40 
  hide details  
Reply
post #7748 of 22504
Where is everyone going to be mining Coinye?
post #7749 of 22504
frown.gif site isnt working for me, and the pool mI chose isnt going yet. Dumb Coinye
    
CPUMotherboardGraphicsRAM
AMD FX-8120 ASUS 990FX Sabertooth 3x MSI RX 480 4GB 4x4GB Samsung wonder RAM 
Hard DriveHard DriveHard DriveOptical Drive
Samsung 830 256GB Western Digital 1TB Black Samsung 850 1TB LG Sata DVD 
OSMonitorKeyboardPower
Windows 10 64-bit, Ubuntu 16.04 64-bit LG 22" WS Microsoft Sidewinder X4 Corsair 850w Modular 
CaseMouseMouse Pad
Antec Twelve-Hundred Microsoft Sidewinder X3 Gateway 
  hide details  
Reply
    
CPUMotherboardGraphicsRAM
AMD FX-8120 ASUS 990FX Sabertooth 3x MSI RX 480 4GB 4x4GB Samsung wonder RAM 
Hard DriveHard DriveHard DriveOptical Drive
Samsung 830 256GB Western Digital 1TB Black Samsung 850 1TB LG Sata DVD 
OSMonitorKeyboardPower
Windows 10 64-bit, Ubuntu 16.04 64-bit LG 22" WS Microsoft Sidewinder X4 Corsair 850w Modular 
CaseMouseMouse Pad
Antec Twelve-Hundred Microsoft Sidewinder X3 Gateway 
  hide details  
Reply
post #7750 of 22504
Quote:
Originally Posted by blkdoutgsxr View Post

Where is everyone going to be mining Coinye?
i wwas wondering the same, but then i noticed the wallet is not working yet..?
Quote:
Originally Posted by stupid coinye 
Not Found

The requested URL /Coinye-LAUNCH-Wallet-and-Source-Encrypted.zip was not found on this server.

Apache/2.2.22 (Ubuntu) Server at www.coinyeco.in Port 80

Edited by dealio - 1/7/14 at 7:09pm
yunojelly
(17 items)
 
  
CPUMotherboardGraphicsGraphics
2600K P8P67 EVO GTX Titan 560 Ti GE 
RAMHard DriveHard DriveHard Drive
16GB 1600/CL8 64GB C300 RAID0 128GB M4 256GB M4 
CoolingOSMonitorPower
NH-D14 Windows 8 Pro VP2770-LED 850AX 
Case
PCV1020B 
  hide details  
Reply
yunojelly
(17 items)
 
  
CPUMotherboardGraphicsGraphics
2600K P8P67 EVO GTX Titan 560 Ti GE 
RAMHard DriveHard DriveHard Drive
16GB 1600/CL8 64GB C300 RAID0 128GB M4 256GB M4 
CoolingOSMonitorPower
NH-D14 Windows 8 Pro VP2770-LED 850AX 
Case
PCV1020B 
  hide details  
Reply
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Distributed Computing - General
Overclock.net › Forums › Distributed Computing › Distributed Computing - General › [Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread