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Title: Tax treatment of BitCoin? Post by: 21after2 on December 22, 2012, 06:12:43 PM I'm looking for any information about US tax treatment of BitCoin/BitCoin earnings. It sounds like a lot of people make their BTC by trading on exchanges, so I imagine they would be claimed on a return as capital gains while BitCoin earned from sales of goods and services would be claimed as income?
Title: Re: Tax treatment of BitCoin? Post by: Themightyone on December 22, 2012, 09:43:51 PM I am also curious as to how much people are actually declaring for taxes with this stuff, or how many people are using it for tax evasion?
Title: Re: Tax treatment of BitCoin? Post by: btcven on December 23, 2012, 12:08:23 AM Someone shared this on StackExchange http://www.cra-arc.gc.ca/E/pub/tp/it490/it490-e.txt it is for Canada, so I don't know if it would be the same in the US, but it is the same for Spain in most of the points.
Title: Re: Tax treatment of BitCoin? Post by: Stephen Gornick on December 23, 2012, 01:18:30 AM I'm looking for any information about US tax treatment of BitCoin/BitCoin earnings. You might wish to read: - http://en.bitcoin.it/wiki/Tax_compliance Title: Re: Tax treatment of BitCoin? Post by: Bendur on December 23, 2012, 05:25:28 AM I haven't looked deeply into it, but my understanding is that bitcoin earnings would generally be considered a capital gain.
Title: Re: Tax treatment of BitCoin? Post by: 21after2 on December 23, 2012, 06:11:00 AM I'm looking for any information about US tax treatment of BitCoin/BitCoin earnings. You might wish to read: - http://en.bitcoin.it/wiki/Tax_compliance Pretty much answered all my questions. Thanks! |