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[GIZ] IRS Declares Bitcoin Is Property and Must Be Taxed As Such - Page 10

post #91 of 199
Quote:
Originally Posted by Slomo4shO View Post

Unless the IRS can prove that you have been holding on to the coins for less than a year (or if you have been holding them for a year+), anyone in the 15% and under tax bracket (up to $36,900 for single or $73,800 for joint) would have zero tax liability... The benefits of this being a capital gains tax thumb.gif

1. Subpeona the exchange or mining pool for IP address & BTC address
2. Get BTC address that the mining pool /exchange cashes out to
3. Look at blockchain

Bitcoin is pseudonymous , once it hits an exchange or pool you're SOL.

The real question is when do they consider acquisition: when it hits the pool or when it hits the exchange. I'd think the latter , since that's when it can be changed to USD.

Reporting something if you got a lot of BTC (i.e. $5000+ worth) in an exchange is better than trying to pretend they won't come after you.
Edited by AlphaC - 3/25/14 at 6:13pm
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post #92 of 199
So... if mining coins generates income, then I guess I can make a tax deduction of my electricity bill?

At least I can file the entirety as a net loss. Hahaha... :'(
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post #93 of 199
Quote:
Originally Posted by Xyxyll View Post

So... if mining coins generates income, then I guess I can make a tax deduction of my electricity bill?

At least I can file the entirety as a net loss. Hahaha... :'(

I wonder if Canada will be a copy cat.

Still, if you file it as a massive loss then you don't have to pay much tax eh?
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post #94 of 199
Thread Starter 
Quote:
Originally Posted by maarten12100 View Post

nobody mines bitcoins with a gpu anymore you silly thumb.gif

Guessing you didn't see that this covers all virtual currencies silly, not just bitcoin.
 
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post #95 of 199
Quote:
Originally Posted by CSCoder4ever View Post

Just another excuse to get moar money. plain and simple.
oh please. People have been using bitcoin for tax evasion. Plain and simple.
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post #96 of 199
Quote:
Originally Posted by KSIMP88 View Post

Quote:
Originally Posted by CSCoder4ever View Post

Just another excuse to get moar money. plain and simple.
oh please. People have been using bitcoin for tax evasion. Plain and simple.

I don't doubt it, I meant that it's an excuse the IRS made for the IRS to get moar money, plain and simple.
Edited by CSCoder4ever - 3/25/14 at 7:24pm
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post #97 of 199
Quote:
Originally Posted by CSCoder4ever View Post

Quote:
Originally Posted by KSIMP88 View Post

Quote:
Originally Posted by CSCoder4ever View Post

Just another excuse to get moar money. plain and simple.
oh please. People have been using bitcoin for tax evasion. Plain and simple.
I don't doubt it, I meant that it's an excuse the IRS made for the IRS to get moar money, plain and simple.

Exactly, tax evasion or not, the IRS finally decided to exploit this and steal some more money, given the mining / crypto boom. Plain and simple.

Fixed lol
Edited by Bl00dyMurd3r - 3/25/14 at 8:46pm
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post #98 of 199
Gah! You quote backwards!!!
Edited by KSIMP88 - 3/25/14 at 8:40pm
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post #99 of 199
Quote:
Originally Posted by KSIMP88 View Post

Can! You quote backwards!!!

Oopsie, pasting in reverse order was not my doing, I swear! arrowheadsmiley.png

EDIT: Booboo fixed tongue.gif
Edited by Bl00dyMurd3r - 3/25/14 at 8:47pm
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post #100 of 199
Quote:
Originally Posted by Just a nickname View Post

Can`t wait to see gpu price falling.

Where have you been the past two weeks? AMD GPU prices have already fallen massively. You can pretty much get them at MSRP except for 290s and Tri-X/Lightning 290x.
 
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