The IRS and bitcoins

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  • jwerd
    Confirmed User
    • Jun 2003
    • 1953
    #51
    Originally posted by BlackCrayon
    he's just sayin' he's more than willing to break the law.
    Unlike you, I prefer to solve problems with volunteerism and not force. So, if supporting an agenda that doesn't involve a gun in the room is "breaking the law" then the costume thugs can come get me.
    Yii Framework Guru - Seasoned PHP vet - Partner @ XXXCoupon.com

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      • L-Pink
        working on my tan
        • Mar 2005
        • 39151
        #52
        Originally posted by dyna mo


        thanks for the thread, L, very thought-provoking.
        With all the threads touting bitcoins no one pointed out how the existing tax code treats each and every transaction as a gain/loss and the record keeping involved to be compliant. In my opinion if you are 100% compliant with the tax code you are just wasting your time and incurring risk by using bitcoins.

        If you are looking to be an underground member of society then have at it and good luck.

        .

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          • Dirty F
            Too lazy to set a custom title
            • Jul 2001
            • 59204
            #53
            Originally posted by L-Pink
            With all the threads touting bitcoins no one pointed out how the existing tax code treats each and every transaction as a gain/loss and the record keeping involved to be compliant. In my opinion if you are 100% compliant with the tax code you are just wasting your time and incurring risk by using bitcoins.

            If you are looking to be an underground member of society then have at it and good luck.

            .
            Underground like Namecheap and Wordpress you mean?

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              • L-Pink
                working on my tan
                • Mar 2005
                • 39151
                #54
                Originally posted by Dirty F
                Underground like Namecheap and Wordpress you mean?
                No, underground like someone avoiding taxes because they think they have found a way around the US tax code.

                I'm sure large corporations will weigh the accounting costs vs sales and make a business decision.

                .

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                  • Barry-xlovecam
                    It's 42
                    • Jun 2010
                    • 18083
                    #55
                    Just exchange them daily (couple batches a day) then the amount of real currency received is the revenue of your gross sales.

                    Bitcoins are a personal property their exchange a barter -- they are not real currency.

                    If you hold them they are investment income gain/loss like any other personal property. ( Ordinary income/loss or capital gain/loss).

                    Get real advice from a CPA (offered in conversation only) (If you can find one to advise on this conversion and taxation topic (doubt that)).
                    Last edited by Barry-xlovecam; 03-20-2013, 01:26 PM.

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                      • - Jesus Christ -
                        Confirmed User
                        • Mar 2003
                        • 7197
                        #56
                        Like the "business decision" the state made that drove Aaron Swartz to suicide?

                        http://www.nydailynews.com/news/nati...icle-1.1242463

                        I have a feeling Reddit wont be dropping bitcoin anytime soon.

                        Amen

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                          • rowan
                            Too lazy to set a custom title
                            • Mar 2002
                            • 17393
                            #57
                            Even more complicated when you're mining them via a pool... are you supposed to account for the hundreds or thousands of part (but separate) BTC payments that are generated over a long period?

                            I claimed my gfx card as a deduction in 2011 then claimed the income when I cashed out to USD a couple of weeks ago. (I'm not in the USA, though.)

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                              • Dirty F
                                Too lazy to set a custom title
                                • Jul 2001
                                • 59204
                                #58
                                So people won't touch a legal, highly profitable business because their accountant might get confused?

                                  Comment

                                  • L-Pink
                                    working on my tan
                                    • Mar 2005
                                    • 39151
                                    #59
                                    Originally posted by Dirty F
                                    So people won't touch a legal, highly profitable business because their accountant might get confused?
                                    lol, yea that's the point I'm making.

                                    .

                                      Comment

                                      • lezinterracial
                                        Confirmed User
                                        • Jul 2012
                                        • 3117
                                        #60
                                        Zerohedge article on bitcoins and Cyprus.
                                        http://www.zerohedge.com/news/2013-0...un-has-started
                                        Live Sex Shows

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