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[GIZ] IRS Declares Bitcoin Is Property and Must Be Taxed As Such - Page 7

post #61 of 199
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Added links to OP
 
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post #62 of 199
Quote:
Originally Posted by nagle3092 View Post

Added links to OP

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

You should add that link too. It helps define what actually is considered.
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post #63 of 199
Screw the IRS. They always want to stick their dirty mits in your pocket and steal from you.


Good luck trying to collect on this one. lol biggrin.gif Just be smart peeps.
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post #64 of 199
Quote:
Originally Posted by ]\/[EGADET]-[ View Post

Screw the IRS. They always want to stick their dirty mits in your pocket and steal from you.


Good luck trying to collect on this one. lol biggrin.gif Just be smart peeps.

So you think the goverment should just pay for public schools, fire, the army and other such services out of their own pocket...............With the income they don't get if we don't pay taxes. tax dollars are def not spent perfectly but without them the US or any country would not be nearly as good as they are.
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post #65 of 199
Quote:
Originally Posted by thegreatsquare View Post



So if you were given a bitcoin when it was worth $1000 you owe on $1000 even if you didn't cash it until it was worth much less or not at all?

I guess, basically... a lot miners are going to get screwed.

No you report it as a capital loss (up to $3,000) unless you were given it as charity.
Quote:
The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency.
From Q-6

Basis = when acquired.
house example (Click to show)
I.e. if I sell a house (property) and the basis is $50,000 (easy number) for $45,000, it's a capital loss of $5,000. If I used $5,000 to do capital improvements (new boiler, new windows/floors/etc) then it's a capital loss of $10K since it adds on to the cost basis

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html
Quote:
For investors with losses, U.S. tax law allows taxpayers to subtract capital losses from any capital gains. They can also subtract up to $3,000 of capital losses a year from ordinary income.

& Capital Loss Carryover:
Quote:
Any amounts exceeding $3,000 can be put toward offsetting capital gains in the current year or simply deducted in the next
http://www.investopedia.com/terms/c/capital-loss-carryover.asp
Edited by AlphaC - 3/25/14 at 1:34pm
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post #66 of 199
Thread Starter 
Quote:
Originally Posted by b.walker36 View Post

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

You should add that link too. It helps define what actually is considered.

And done
 
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post #67 of 199
So many loopholes, so little time. tongue.gif It won't be hard at all for small scale miners to avoid any tax liability. The main target of this will be transaction fees charged by exchanges.
Edited by BulletSponge - 3/25/14 at 1:30pm
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post #68 of 199
the irs can stick it where the sun dont shine. Lot's of easy ways to avoid the irs when doing business online
post #69 of 199
Quote:
Originally Posted by b.walker36 View Post

If you cannot put a value on it how the heck do you tax it? It absolutely needs to have a value in USD for the IRS to tax it. The way they tax it is adding it to your gross income, which is in US dollars.
While I have admitted my mistake, I feel I must point out I said market value. The whole question is about appraising virtual currency that has no market value.

I'm assuming it is an attempt to preempt loophole exploitation at this point.
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post #70 of 199
Quote:
Originally Posted by Chakravant View Post

While I have admitted my mistake, I feel I must point out I said market value. The whole question is about appraising virtual currency that has no market value.

I'm assuming it is an attempt to preempt loophole exploitation at this point.

Well that not an issue because of the currency has no real market value its not covered under this IRS regulation. Its clearly stated it needs to be exchangeable to a currency and/or be used instead of a currency for goods or services. So if the virtual currency your talking about cannot do that then it doesn't get taxed, problem solved.
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