+1 to all of you.

When a normal person asks me about bitcoin i wish I could just refer them to an exchange with confidence. When I have tried in the past, I always end up on the phone helping them deal with the ridiculous tardiness of the exchanges. I just don't get it. It's not that hard to do a good job, and there is no reason why it should take them months to mail out a check.
Until we get our BTC ATMs and P2P exchanges I'll check out coin base again. Eventually someone is going to dominate this market with old fashioned customer service.  

Maybe we cant help but serve cats? That way the real puppet master can carry on. 


http://en.wikipedia.org/wiki/Toxoplasmosis

Can you name me any transaction that would not be taxable? All commerce is taxable.

Your calculation is not quite complete. The only way you would owe $1 on your coffee is if you had realized a huge profit. You owe a percentage of your profits. Lets say it's 20% (it could be less or possibly more). So if you bought a bitcoin for $1 and then it rose in value to $5; you owe $1 in tax on the gains. That is still a 300% gain after taxes. I would definitely enjoy drinking that cup of coffee.

What is legal tender in the U.S.? To my knowledge only U.S. Dollars are legal tender. It should come as no surprise that bitcoin can't be used to pay taxes. 

Related?

You can also block whole sections of the forums from your "profile" settings. That is handy for eliminating the foreign language boards I can't read anyway. So if you don't want to know about the latest alt coins or your not into mining, you can make them go away.

Cool man! Thanks for your contribution to the bitcoinishere. 

A trustworthy exchange. One that allows ACH and credit card purchases. One that is insured and professional. I hope the tax clarification will attract a new class of exchanges. Right now some are better than others, but none of them seem to be able to get their shit together. If just one company opens that can be trusted to buy or cash out in an hour. Then the real growth of bitcoin begins. 
Is anyone working on something like that? I'll be a customer. Hell, if your business plan makes sense I might invest in such a company.
Fell free to disagree or post your thoughts on what our economy needs.

I am unaware of anything the banks can do to hurt bitcoin.  
Besides, the "war" was already fought at my home and the banks lost. I have destroyed all my credit cards and worked to receive an "unable to score" rating from all three credit agencies. I shop with bitcoin for almost all online purchases. I dumped most of my stocks for index funds, gold and real estate. I even sued and won against Bank of America. The only money a bank receives from me is a mortgage payment and the safe deposit box I rent to keep my bitcoins safe. And I only pay on the mortgage because I have an insanely low rate.
I just don't see what a bank can do to hurt me or my coins.

I must respectfully disagree. I think this will spread bitcoin more than any other news we have seen. I talk to a lot of business people about bitcoin and the #1 reason I get for not using BTC is tax uncertainty. Without knowing how btc was to be taxed few businesses would consider risking their licenses and reputation on crypto-currency. this is huge for the expansion of bitcoin as they now have a basis for calculating profits.
No one who knows about business ever thought that bitcoin would be untaxed. There is noting like that in the tax codes. You have always owed taxes on your bitcoin, no matter what you read here. The question was... What taxes and at what rate? Now we know, let's get down to business!

I think that's good advice IrishFootball.

You may be able to claim part of your computer as an expense, but it could be way more trouble than it's worth. I used to do some consulting work from home and counted one room as an office. I stopped trying to calculate the percent of my mortgage and the cost to heat to that room.  It came out to such a small amount that it was not worth my time. It may also make an audit more likely.  

Your answer is in the title of the article.  "According to Insider". I don't even bother to read the rest when it says something like that. Besides, who cares now that the investigation has started. I think we will eventually have an idea about what happened at Gox.

It might even come down to two things?

1. Hard or impossible to counterfeit.
2. Believed to hold value.

It helps to be fungible, scarce and portable; but there have been types of money in the past that did not have these additional characteristics.  Bitcoin is certainly hard to counterfeit. While not universally accepted to hold value, it is more broadly accepted than almost any world currency.   

I know that is what we all were hoping for. It makes the most sense to me that taxation falls under capitol gains. At least now I could start a business and have an idea what my tax liability will be. Nobody wants to risk an outlay of money when you can't even calculate your profits.

Fear, uncertainty, and doubt.

This is an interesting idea. I use the "first out" accounting method for calculating my tax. It may be possible to better my tax situation using something like this. I could spend certain coins to control my income from capitol gains in a given year. At least I think that's right.

There may be more to this story than one side. But if this is accurate then this dude may have a case against the government. At least in the U.S. some cop may lose his job over this. It is a search without probable cause.

I am bullish, but if you had my optimism and a cup of coffee, you would just have a cup of coffee. There are just to many possibilities to consider for real predictions. That's why I hedge my bitcoin profits with purchases of gold and real estate. Those things offer some growth potential and a solid track record of holding their value.
However I do not see any evidence that bitcoin is about to collapse. It may some day do that, but that means I could be said to be on the verge of collapse; As I will surely die someday.

This place has cool neon signs for sale.

http://www.cryptocables.com/product/bitcoin-neon-sign/

What? lol. This is the best news for American bitcoin holders this year. Now I know the rules. There was never a time when bitcoin was not taxable.  Why do people keep thinking that unlike all other objects in the universe, bitcoin is not taxable. It just is not and never was true.

At least I didn't make the classic scam bet and denominate it in BTC. For that I would have bet 1 BTC. If it went to $5 I own you $5. If it went to $1000 you owe me $1000. 

In reality I have no clue what is going to happen.