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[GIZ] IRS Declares Bitcoin Is Property and Must Be Taxed As Such - Page 13

post #121 of 199
To all the people saying

"Hurr Durr, the Irs wants their cut, down with taxes etc."

Did you Really not expect this to happen. Right now, Mining bitcoins and other cryptocurrencies is a bit like mining gold. If you found a gold deposit in your back yard, even though it is property you own, the fact that it can be directly translate to currency means that the property in itself can be taxed
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post #122 of 199
Quote:
Originally Posted by Nitrogannex View Post

To all the people saying

"Hurr Durr, the Irs wants their cut, down with taxes etc."

Did you Really not expect this to happen. Right now, Mining bitcoins and other cryptocurrencies is a bit like mining gold. If you found a gold deposit in your back yard, even though it is property you own, the fact that it can be directly translate to currency means that the property in itself can be taxed

It's not a realized gain til cashed out.

There's property taxes such as on your house (for owning), but capital gains are for gain on sale (like selling a house).
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post #123 of 199
Quote:
Originally Posted by RiverOfIce View Post

Yes, if a us citizen trades 1 gold bar for a another good or services, then it is taxable.

For example. If I was to have you wash my house for 1 year and I would give you my car as payment for that service, then you would be required to find fair market value on the car and declare it on the tax.


Lets say that you are wondering around the beach one day and you find 10 million dollars of gold in an hole. You are require by law to declare that property and you will be taxed.

Lets say that you are wondering around downtown and you find an old lady selling a 1930 Rolls Royce Phantom 1. You ask her the price, she says she is willing to give it up for 1000 dollars. You buy it on the spot.

On your taxes, you will have to declare that car as bought property that was bought for 1000 dollars

But if the old lady was to give you the car as a gift?

You would have to pay the tax on fair market value of the car. IE the car's fair market value is 150,000 dollars.

That's a lot of great exemples, thank you.

Honestly, if they would tax Bitcoin, they would have to tax basicly 1 new currency every single week.

I understand the government, it's a currency it should be taxed, but there are a lot of cryptocurrency out there and they should tax everything or nothing imo.
post #124 of 199
Quote:
Originally Posted by absh4x0r View Post

That's a lot of great exemples, thank you.

Honestly, if they would tax Bitcoin, they would have to tax basicly 1 new currency every single week.

I understand the government, it's a currency it should be taxed, but there are a lot of cryptocurrency out there and they should tax everything or nothing imo.

Government needs to tax it all so it dies
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post #125 of 199
BitCoin and most crypto currencies are a "for-profit" enterprise.
It is either taxed and legalized, or banned and prosecuted.

I don't see why some are "disturbed"...would you prefer to be treated as someone printing money in his basement, or as a business man "printing/mining/producing" something of value that doesn't infringe other people's rights? Why be treated different than any other entrepreneur?

In a true democracy, taxes are a good thing, not a bad thing. Democracy was never about "no-taxes", "no-state", "no law". it was about "by the people for the people".
You know, the things bigger than me (you) and my (your) Ego.

Why people keep demonizing the wrong things in a pseudo-intellectual-skepticism and willingly worship the false-st of idols at the same time, I don't get.
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post #126 of 199
Thanks for all the examples folks. Like I said, my knowledge of current crypto-currencies is limited to what I glean from here, and some of that info is quite outdated or misunderstood. Sounds to me like they're just making public what they've already been tracking, and saying they plan to tax what has, up to now, been untaxed currency exchanges. The way I understand it, it would do more harm than good to let these go untaxed as it would devalue the USD in the long run with an alternate currency being used without a equivalent tax being levied on it. Again, all limited knowledge with my own interpretation...

So, in the end, people just hate that the gov't is getting involved, even though this could actually be a positive for the USD in the long run. That sound right?
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post #127 of 199
Quote:
Originally Posted by Stay Puft View Post

Government needs to tax it all so it dies

Cryptocurrencies offer more benefit than the previous uses of money laundering and tax evasion. They (some) are better financial systems than what we currently have (not meaning Bitcoin is perfect). I would/will continue to use it regardless if I need to pay taxes on it. Though it is inconvenient to need to file taxes (with the current softwares), I don't really care.
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post #128 of 199
Quote:
Originally Posted by Vagrant Storm View Post

Not applicable to MMOs...

Any virtual money or items acquired in an online game remain the property of the company that runs the game. If you actually sell something to some one else for real world money they are paying you for your time/luck to acquire the item...in other words you are providing a service. The ownership of the data never changes. Though technically you probably should report any income generated from providing this service just like the game company does. However, that falls under existing laws that have been in place for...well...about as long as tax existed so it isn't really part of this discussion.

With virtual currencies you actually own the hash codes...the bits of data are yours thus you are responsible for them. And selling them for real world money is very similar to raising live stock or farming. You put time, money, and resources into something and produce product that you own and sell it for real world money. And note that I can take three head of cattle and trade them to some one for a horse and that isn't taxed. So people could still trade in virtual currencies...they just need places and people to accept them. As long as they are never turned into official money there will be no tax.

I don't think there can be any argument against this decision.

Very well put. cheers.gif
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post #129 of 199
Quote:
Originally Posted by Stay Puft View Post

Government needs to tax it all so it dies

Like all human being getting taxed?

We don't die from taxes, the cryptocurrencies will suffer but it won't kill them.
post #130 of 199
I'm not personally a Bitcoin miner, but I believe the IRS can go back to hell where it came from. Anyone who disagrees with this statement can simply redirect themselves to youtube where they can locate a documentary called "America: Freedom to Fascism".
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