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OP, how do you handles change tx?
How do you convince the IRS that certain tx are just "changes" hence those tx outputs are still considered long term.
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Having bitcoin classified as property rather than currency is the best possible scenario. The capital gains tax rate is 0% for most people. 0%... hard to beat that.
Only for long term capital gains. Short term capital gains (asset held 364 or less days) is taxed at your regular income rate. Which I suspect will lead to less "short term" speculation in Bitcoin...which is perhaps likely to tend towards being better for Bitcoin in the "long term"? Yes... i'm sick of the parasites. |
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Correct me if I'm wrong please, but is this saying that every time you make a purchase using bitcoin you have to pay capital gains taxes if the value of bitcoin increased  Wouldn't that make it pointless to use bitcoin as a means to buy things? So do you think if you use foreign currency, you wont have to pay tax if the exchange rate has gone up? For example, if you have EU or pounds in your bank, and you decide to purchase something online who takes those currencies, the moment you spend your EU or pounds, you have a tax liability to record because thats considered as exchange currencies. (selling your EU or pounds for USD) |
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I feel like the IRS sat down with their bankster buddies and came out with a smart way to severely limit bitcoin's potential.
This is the end of bitcoin being used as a currency in America. I don't see how you guys are turning this into "good news". Bitcoin has been recognized and legitimized since the senate committee hearing in Nov 2013. This news just cripples bitcoin if anything.
Recognizing its existence doesn't make something legit. Sorry. For those of us living in the United States, taxable = legitimate. Just ask Capone... This is good for the Bitcoin as a whole LONG TERM, probably not good for most of you on here who have mostly speculated in the Bitcoin. Yup because i believe most bitcoin speculators are for short term. |
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OP you got it wrong.
Tax cant be avoided. So one way or the other, you're gonna have to pay tax on profits/income
In fact this new ruling is great for bitcoin because it would filter out day traders as day trading will no longer be desirable as before. Most investors will want to have a long term capital gain. So whoever is buying btc today, its more incentive for them to hold over a year. Tax on short term capital gain is up to 43% opposed to 23% for long term capital gain.
Overall the market will be calm and stable.
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Has anyone been able to make an order? The page just gives my error as soon as i click checkout.
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Gee.... more FUD to buy cheap coins...
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Having bitcoin classified as property rather than currency is the best possible scenario. The capital gains tax rate is 0% for most people. 0%... hard to beat that.
That is my rate this year. I was a little surprised and a lot happy. I pay dearly for the money I earn from working, but nothing this year for bitcoin. Thanks IRS, my 0% tax rate makes me 100% satisfied. Can you elaborate on this? How is it 0%? |
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Bought 8 miners in this new batch, and paid in full. They're promised to be here on April 7.  |
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I'm starting to get tired of this
Chinese officials dumped their coins and now they want to buy cheap coins.... it will never end. |
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A US citizen (and in most cases residents) owes US taxes regardless of where the taxable event occurs. It doesn't matter if you leave the US and NEVER come back. The only way to avoid US taxation is to renounce your citizenship (which generally requires you to already have citizenship in another country). Now if you are asking if you could "get away" with traveling to russia to do cash deals for rubbles and then laundering those funds though a bunch of offshore accounts? Maybe but that is asking "will I get caught", not "is this legal". Honestly if it is a small amount of money it probably isn't worth the trouble and if it is a huge amount of money speak to a good offshore lawyer and CPA. Tax avoidance not tax evasion.
Actually i was told that i can still keep my citizenship and only pay tax to the primary country if i only stay in US for less than xx days. Many dual citizens do this. |
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do these atms convert bitcoin to cash instantly or just print off bitcoin. and can you buy bitcoin at them?
It only sells btc. |
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cheaper smaller miners, spread the love! spread the network!  Exactly! Currently it's 5k USD for a 192 chip machine, which comes down to around 26 USD per chip. So maybe a 16 chip/120Gh/s device? This would be around 16*26= 416USD at current price rate. [edit] Or of course a device with a single chip from the SP30! It's 29 chips I guess (29chps * 187GH/s per chip = 5423Gh/s). So 12k USD/29= 414USD for a 187Gh/s device just buy an s1 An S1 is noisy, produces a lot of heat, and is very power inefficient compared to these miners. Since I pay around $0.3/KWH power consumption is important to me. Also, there is something called 'the girlfriend factor'. I'm just getting way less complaints about the miners which are in a nice case (and I guess I'm not the only one). You've heard about how loud these units are right? They certainly wont pass the girlfriend test unless she is deaf. Yes, I've heard. But rack equipment is noisy most of the time. I'm talking about a small scale desk miner, in which I would expect a different kind of fan than in the rack equipment. Its not gonna be priced reasonable due to the cost of making small board + handling inventory. Your best bet is get S1 and change to better fans. I dont see why it has to be noisy, i would reduce the volume (enclose it) thus increase the air going thro the heat sink. |
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Pcfli I want to order 2 units, and i want to buy 2 of Firejuan's coupons so he can start getting paid back for his loses. I will pay BTC today, right now btc-e prices are 582. That means 10.74 BTC to you and .215 to Firejuan. Can you two confirm this is okay, and firejuan send me your btc address and i'll get you both paid right away?
Thanks,
David Wilson
Thank you so much. Sorry for the delay. My daughter broke her arm Monday night and is in surgery this morning to have pins placed to repair the fracture. My address is 1BxfGpHkgKvZWoQHZN1NzagE3hTpjm33LX. You can verify it is the same wallet in my profile. I received 0.1667 BTC from Jesehl then refunded 0.041675 BTC when I lowered the price. Thanks so much. 150$ coming your way! Coinbase ID: https://coinbase.com/network/transactions/2dcba9a5582ed08ab0deb4716dc0812b327e474d502540569298f32873ce2008This confirms varakunai has purchased 2 $125 rebate coupons. I will also PM pcfli. Thank you so very much. TXID 2dcba9a5582ed08ab0deb4716dc0812b327e474d502540569298f32873ce2008 Hi, i would like 4 coupons please. PM me Thanks |
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Did you pay shipping fee?
If so how much per rig?
Thanks
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Did you have to pay shipping fee? If so how much per rig? Thanks |
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With BTC there isn't a broker so I assume you simply need to document your decision but I'm not a tax lawyer so I'm not really sure.
The blockchain is the most perfect broker record you could hope for. With coin control you could sell exactly the coins you wanted to at exact the basis you wanted to at any time. How? as far as i know you can choose wallet to spend but btc are stored in transactions. I can have bunch of tx in that wallet, but i cant pick the a specific one, correct? You can if your wallet software supports coin control. Is it the same coin control from Armory? Because it only let me choose which address to spend from. Not tx.... Please share if i miss something Sounds perfect as long as you don't reuse addresses. No sounds terrible if you understand bitcoins are just tx outputs. Address was used to make it easy for traditional money management. |
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With BTC there isn't a broker so I assume you simply need to document your decision but I'm not a tax lawyer so I'm not really sure.
The blockchain is the most perfect broker record you could hope for. With coin control you could sell exactly the coins you wanted to at exact the basis you wanted to at any time. How? as far as i know you can choose wallet to spend but btc are stored in transactions. I can have bunch of tx in that wallet, but i cant pick the a specific one, correct? You can if your wallet software supports coin control. Is it the same coin control from Armory? Because it only let me choose which address to spend from. Not tx.... Please share if i miss something I don't know, I haven't used it. Of course, there is always Armory! So you're telling me the new coin control feature from Bitcoin Core let you choose specific tx output to spend? Armory coin control only let you pick address, which contains bunch of tx. |
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With BTC there isn't a broker so I assume you simply need to document your decision but I'm not a tax lawyer so I'm not really sure.
The blockchain is the most perfect broker record you could hope for. With coin control you could sell exactly the coins you wanted to at exact the basis you wanted to at any time. How? as far as i know you can choose wallet to spend but btc are stored in transactions. I can have bunch of tx in that wallet, but i cant pick the a specific one, correct? You can if your wallet software supports coin control. Is it the same coin control from Armory? Because it only let me choose which address to spend from. Not tx.... Please share if i miss something |
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I probably dont remember correctly,
but by Coin Set X, you mean tx X and not Wallet or Address X right?
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