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Title: Mtgox USD - Paying Taxes Post by: virtualfaqs on January 15, 2014, 01:36:53 AM Seeing as how it's impossible to withdraw USD funds at this time. I don't see how Mtgox USD can be valued at USD. I suppose there's 2 options.
A. No Capital gains until it hits your bank account. B. Mtgox USD needs to be converted to Bitstamp USD and pay taxes on that. Thoughts? Technically this is considered disputed funds right? Title: Re: Mtgox USD - Paying Taxes Post by: quone17 on January 15, 2014, 03:54:46 AM Totally agree. I think there is a very possible position that you won't receive the funds and it's disputed so I would err on only paying taxes on money you know you can get.
Title: Re: Mtgox USD - Paying Taxes Post by: bitpop on January 17, 2014, 08:26:23 AM #3 http://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/
Title: Re: Mtgox USD - Paying Taxes Post by: virtualfaqs on January 17, 2014, 10:07:35 PM #3 http://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/ Are you referring to this answer? "#3: What if I sell my bitcoins but do not withdraw the proceeds from the exchange? It doesn't matter, your gains were realized the moment you sold them. It is irrelevant whether the proceeds from the sale are kept in your bank account or your exchange account, you still have a realized gain for tax purposes." I don't think that applies. It should only be considered gains if you have access to your money which you don't. When I have time to start a reddit account I'll do so to discuss with this tax attorney. Thanks for the link. I've seen it before, but my goodness there's so much info everywhere. |