Bitcoin Forum

I was recently reading some of the new laws that revolve around what the IRS in the USA considers BTC and other coins.  They consider this a possession and there are a number of laws that look like they can make you follow certain record keeping if you do something as simple as give away BTC in a faucet or similar.  Am I reading this correctly and could someone shed some light on the USA laws revolving around BTC.

you just need to pay the capital gain if you do trading, and there is also the "600" rule per year, basically if you don't own more than 600 in bitcoin from profit, you don't need to pay anything

Nobody knows yet what will USA do and how will they regulate Bitcoin and taxes around it! It's pretty hard to answer this question yet. We can only speculate! This will be seen!

i am hearing this news for the first time. but i do not think that it may be so. because i have some friends there in USA but they have not yet tell me about that. because they are very much interested in bitcoin and they often inform me about the news related to bitcoin.

ok but then why is there no conformation on media or on social media. i think these are just the wrong and false news and there is no reality about this. ii personally not sure about this news,

For the record, in the  States bitcoin is considered a commodity. Unless it is proceeds from an illegal activity, they are perfectly legal to possess and distribute.

Now, not paying taxes is another thing..

i think still there is no official announcement about this, therefore no one has any idea that how USA is taking bitcoin, hope USA will soon consider bitcoin as a legal currency and that will be a good news about bitcoin, which will really put a very positive effect on bitcoin .

America has no official law regarding bitcoin legal status. There are some local legislation imposed - for example BitLicense in New York. In some states laws are being just being worked on.

In general we can say that USA is moving toward bitcoin's taxation and capital gains are being planned simply because they are the way to do this.

And believe or not it is not actually a good thing - because it will allow Bitcoin based businesses and projects to enter the mainstream as legitimate tax paying entities.

Has the IRS shown any indication that they have or will have in the near future a division that will be tracking Crypto-currency? The shear expense to do this would seem like a deterrent.

Unless it is already confirmed then we can say that it is already legal.  As of this time all the things that you have read were only speculations and theories, none is still real as of the moment.  If ever that these are true then we should be happy about it.

but it is only applicable if bitcoin is a legal currency there and the government have already given a statement about the legalization of bitcoin, and i think still no such country has yes announced the legalization of bitcoin.