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Title: (Newbie question) Taxes? Post by: Luckybit on April 06, 2013, 05:59:34 PM If you decide to sell BTC for $ how do you declare that on your taxes? How much goes to taxes?
This is something that never seems to get discussed. I would guess it comes as income right? Title: Re: (Newbie question) Taxes? Post by: Stampbit on April 06, 2013, 06:17:14 PM https://en.bitcoin.it/wiki/Tax_compliance
it behaves as capital gains on income gained during its holding Title: Re: (Newbie question) Taxes? Post by: zvs on April 06, 2013, 06:25:52 PM i thought fincen deemed that bitcoin wasn't a 'real currency', hence capital gains wouldnt apply
if you just mine bitcoins, then that's zero income. once you convert the bitcoins to currency, then that currency would be applied as any other income, not capital gains Title: Re: (Newbie question) Taxes? Post by: Stampbit on April 06, 2013, 06:30:39 PM i thought fincen deemed that bitcoin wasn't a 'real currency', hence capital gains wouldnt apply if you just mine bitcoins, then that's zero income. once you convert the bitcoins to currency, then that currency would be applied as any other income, not capital gains Fincen stated that bitcoins were a virtual currency and gave guidelines on how to regulate them. Basically it stated virtual currencies were to be treated as a commodity and arent regulated, except where you are involved in transmitting them to/from fiat, then you have to be regulated as a MSB. The same goes for miners, if you sell coins you mined then you have to follow MSB regulations, though i dont see how they would enforce that. |