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[GIZ] IRS Declares Bitcoin Is Property and Must Be Taxed As Such - Page 3

post #21 of 199
oh no!! my zen and delithium crystals are taxable from STO
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post #22 of 199
Quote:
Originally Posted by Dyson Poindexter View Post

And how are they going to prove you have any Bitcoins? What about the altcoins?
Presumably in a similar way they would go after people doing cash-only transactions to avoid taxes.

I.E. they generally wouldn't. Though if you go start buying a car or other high profile things with Bitcoin and draw attention to yourself, well...
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post #23 of 199
People, declare as long term capital gains

A. It's only 15% , you just need to have held it a year

B. If it's below $600 IRS won't care
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post #24 of 199
Quote:
Originally Posted by AlphaC View Post

People, declare as long term capital gains

It's only 15%
I await the day we see our first tax evasion arrest related to virtual currencies. tongue.gif
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post #25 of 199
Quote:
Originally Posted by AlphaC View Post

People, declare as long term capital gains

A. It's only 15% , you just need to have held it a year

B. If it's below $600 IRS won't care
15% is most of the miners profit.
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post #26 of 199
Quote:
Originally Posted by Maximization View Post

oh no!! my zen and delithium crystals are taxable from STO
Now you begin to see how foolishly this ruling is written. Better start figuring out the tax year's average dilithium to zen exchange rate, so you can accurately report your earnings.

You did write down or otherwise track all the dilithium you've earned over the course of the entire year, didn't you?
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post #27 of 199
Quote:
Originally Posted by xNovax View Post

15% is most of the miners profit.

15% of the gain after you deduct costs to acquire.

Have you not filed a tax return? Gross not = net

see my post here
http://www.overclock.net/t/1469181/california-passes-bill-declaring-cryptocurrency-legal-tender

or check http://www.irs.gov/taxtopics/tc409.html
Quote:
If you have a net capital gain, that gain may be taxed at a lower tax rate than your ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss for the year. The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years. Generally, for most taxpayers, net capital gain is taxed at rates no higher than 15%. Some or all net capital gain may be taxed at 0% if you are in the 10% or 15% ordinary income tax brackets. However, beginning in 2013, a new 20% rate on net capital gain applies to the extent that a taxpayer’s taxable income exceeds the thresholds set for the new 39.6% ordinary tax rate ($400,000 for single; $450,000 for married filing jointly or qualifying widow(er); $425,000 for head of household, and $225,000 for married filing separately).

Note: Net short-term capital gains are subject to taxation at your ordinary income tax rate.

Everyone that isn't working for a company and is a shareholder gets a K-1 , everyone independent contractor gets a 1099 and pays Social Security & such.

Hedge fund managers and the like pay only 15% due to only paying capital gains.

Also read http://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

and https://en.bitcoin.it/wiki/Tax_compliance
Edited by AlphaC - 3/25/14 at 12:32pm
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post #28 of 199
Quote:
Originally Posted by AlphaC View Post

15% of the gain after you deduct costs.

Have you not filed a tax return? Gross not = net
Ah, that makes a lot more sense now.
I am only 16.
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post #29 of 199
Quote:
Originally Posted by Chakravant View Post

Now you begin to see how foolishly this ruling is written. Better start figuring out the tax year's average dilithium to zen exchange rate, so you can accurately report your earnings.

You did write down or otherwise track all the dilithium you've earned over the course of the entire year, didn't you?

urrrrrrrrrrrrrrgrhhhrgrghrgrgrgrgrhrg, video games are going to have to start mailing out profit loss statements
Edited by Maximization - 3/25/14 at 12:32pm
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post #30 of 199
Quote:
Originally Posted by Chakravant View Post

Now you begin to see how foolishly this ruling is written. Better start figuring out the tax year's average dilithium to zen exchange rate, so you can accurately report your earnings.

You did write down or otherwise track all the dilithium you've earned over the course of the entire year, didn't you?

lo lquick everyone quit american mmos and play japanese ones! lol
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