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Since they are looking at capital GAINS to tax...if you sell your BTC as SOON as you mine them....don't you effectively never owe the IRS a dime?
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Agreed. If there is a demand and especially if people are willing to put up a little BTC for it then I'm sure programs will pop up to pull the exchange rates and help do the needed calculations.
You aren't getting it. Let me do an example: to make it easy, lets keep fractions out of it. I mined 1 BTC yesterday, at a price of $550 I then mine 1 BTC today at a price of $600 I then mine 1 BTC tomorrow at a price of $650 Do this for 1 year. I then sell 1 BTC. Tell me which BTC I sold. Was it a loss? a gain? Where are you going to track exactly which coin was sold...especially if they're all partial coins (.25, .50, .25)... I'll save the suspense...you can't track that. |
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That doesn't really tackle my point regarding that you don't know what your gains are, because you don't know which coins you are exactly selling. If they are all fractional-mined at different values, you are getting profits or losses depending on WHEN they were mined. There is no way to track that information.
It would be pretty easy to write a script, using the blockchain API to iterate all the mining receive transactions during the tax year on the receiving address(es) and to get a historical exchange values from the same API. The databases exist for free of charge, and you most likely have a computer that could run such a script. please re-read my posts regarding the question remaining, how do you know which cashed out BTC, are from which exact mined BTC. It helps zero to know, you received x btc at x price. You need to know, that xyz bitcoin was recieved at xx price, and those same xyz bitcoin fraction was sold at yy price. |
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So what happens when you sell? You have accumulated coins over the months, but how do you know which particular coins you are selling? Maybe you're selling 5% of the coins you mined at $600, 2% of the coins mined at $630, 6% of the coins you mined at $510
Do you see where I'm going with this?
Those amounts are regular income taxed at regular income rates. Your mining pool, if complying with US law, is required to report these transactions to the IRS if they exceed $600 during the year. The profits that you gain on holding onto them are taxed at a lower capital gain rate. Your exchange, if complying with US law, will have to report the sale of your of your bitcoin if it exceeds $600 during the year. If the IRS audits you, you will have to come up with documentation that explains the reported transactions. That doesn't really tackle my point regarding that you don't know what your gains are, because you don't know which coins you are exactly selling. If they are all fractional-mined at different values, you are getting profits or losses depending on WHEN they were mined. There is no way to track that information. This isn't like stocks where you get a nice report from your broker for the exact shares you owned, and which block you sold at EOY. |
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this is all great and fine with everyones examples of 1 BTC...but what about the other 99% of us who mine like .1/.2/.3 btc/day for example.
We're now supposed to keep track on every fraction of BTC we receive as well as the current price we receive that at? that's almost impossible.
Look at your receiving address(es) that you use for mining on blockchain.info. It will show all of the time and amounts of received btc. I'm pretty sure that the blockchain.info api has a function to show what it was worth at the time of the transaction, since my android blockchain wallet will tell me the "now" and "then" values in USD on each transaction. Not impossible if you have a computer connected to the internet and your receiving address(es). So what happens when you sell? You have accumulated coins over the months, but how do you know which particular coins you are selling? Maybe you're selling 5% of the coins you mined at $600, 2% of the coins mined at $630, 6% of the coins you mined at $510 Do you see where I'm going with this? |
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this is all great and fine with everyones examples of 1 BTC...but what about the other 99% of us who mine like .1/.2/.3 btc/day for example.
We're now supposed to keep track on every fraction of BTC we receive as well as the current price we receive that at? that's almost impossible.
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lol nice try
PS: USD isn't backed by anything?...ever hear of gold? used in every single industry ranging from automotive, aerospace, medical, computer and electronic manufacturing, etc.
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*New version now emails you when you receive a btc payment.
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*New version now emails you when you receive a btc payment.
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I switched to clever and over the last week, I've never been happier.
Honestly not trying to start shit, but you guys should really give it a shot.
It's better, and not a little better either.
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Added more to the app today-
Now has a live BTC Price History Chart (based on CoinBase pricing)
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Added more to the app today-
Now has a live BTC Price History Chart (based on CoinBase pricing)
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I switched to clever
Couldn't be happier tbh.
I like how they pay every 6 hrs too-
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TTT for anyone interested
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Wow, officially lost $ today  |
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A little problem. Photo taken at 12:40 and the photo on the site shows 12:02 (cgminer) :  I think there are times when the difference is more than 30 minutes .. I will def look into that- It communicates every 15m for sure, it looks like maybe it didn't grab the screenshot in time though, but the communication was def done, otherwise it would show as offline- I will look into making sure it takes the time to grab the most recent screenshot though of course-thats the first time I've seen that, and I've been using for a couple weeks now |
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Middlecoin Monitor[https://bitcointalk.org/index.php?topic=428298.20] Celebrating 1000 Downloads !!!!!! Congrats the following 16 addresses have been enabled for the app: BrainShutdown 1ATGhDwmBA4xB3qHNB8SZeupGBPjQU6Gsz elpsycongro 1F9ukqxy9sgZv6jfAJmcyXJEnqy3zAoFkD bosom 1DL8FY3MYDbk2GjtSgFWeg6gZp4Q8GHvkX coins101 1EEqY8axyTB7SVuaVoNaieUqg5z77buy2t cokeman0 16BaAmZM1vdNVqdpyG5RVxKAvGrCVaac1z mikeybit 19sS442jVm95gvhiLfx7GPVeMboZ83HLpJ memnom 1PYreKwFhbNkQL7BFG2kDv9UmFvdTovSzp gcube1305 13c4uZvTrUsXCyUahdW6sgF7AvUb261En6 BayCoins 14wcrQN6ivqaDiwiB3dchEGHa98eahu2Ve dgross0818 1NCwxumnoQxVTJUeHAwSiCAN2WkXQTXR4j justin2k5 1Kj7m2uoUJ73pE5JDxPxKEgNc1G6x7Swkr max_d 19AjUcNNMpLiebaPYAgPSRvLPi6xKRvTgW Panteraswift 1CKwmN5zrrqDLgzmwFgvr1AbqXPSDaRrXp vrba 1N2jYnbxFKAG3VLaBgFLUgDKjuGH8fEde8 profall 18ZVheftoPGTFHpy8WRtAWJQCTLasE7D8c noegzit 1AXAZWxQbmaFYAsEig2hJYEZMTebJoDa25 Please support the app by rating it. IMP: Please do not post anything related to the app on this thread. In case of any issues/feedback/suggestion/comment please post it on the thread [https://bitcointalk.org/index.php?topic=428298.20] or you can mail directly to middlecoinmonitor@gmail.com.PS: Sorry for the inconvenience caused. Regards. Dude your app is dogshit. Says a person who does not have access to use the app, maybe because he is unable to get even 50 downloads for his own app [https://play.google.com/store/apps/details?id=com.smoochapps.miningmonitor]. lol check the release dates You seriously need to learn how to develop a proper XML UI. Slapping big fat TextViews, and shitty blue writing, screams newbie 1.0. Sorry. |
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Hello, Thank you for this application  . Does work fine for me.    But, how the page is refreshed on the web site ? every 10 minutes 20, 30mn ?? every 15 min The app is on google play as well (for Android) if you don't want to use the web tool. Thanks for the feedback man- |
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