|
Title: Hypothetical Taxation Discussions ( BTC to USD, BTC to Gold to USD, etc.) Post by: CoinEntropy on June 27, 2013, 08:16:22 AM I'm quite curious. What is the difference if I were to buy gold from amagimetals and then to USD for tax purposes compared to bitcoin to fiat?
I also have a hypothetical situation. Say I have zero proof as to how I got the bitcoin when I'm writing logging my capital gains (private chats of temporary names P2P, when bitcoin was under $10, and receiving bitcoin gifts, etc.) How problematic is it when filing tax forms on capital gains if I cannot prove my initial investment? Title: Re: Hypothetical Taxation Discussions ( BTC to USD, BTC to Gold to USD, etc.) Post by: CoinEntropy on July 03, 2013, 06:37:33 AM Bumping for interest.
Title: Re: Hypothetical Taxation Discussions ( BTC to USD, BTC to Gold to USD, etc.) Post by: NewLiberty on July 03, 2013, 12:18:47 PM CoinWorld did a write up on what gold and silver are "reportable".
http://www.coinworld.com/Articles/ViewArticle/what-coins-are-reportable (yet another reason to buy New Liberty Dollars over any government product precious metal) Notice that reportable is not always the same as "taxable" If you get a legal opinion from your lawyer, follow that advice. Generally if you have income, or a gain, the IRS will consider that taxable if over thresholds. |