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1  Bitcoin / Bitcoin Discussion / Re: An obvious question I don't see asked anywhere on: July 21, 2010, 07:58:59 PM
So, you report it as income when you receive it.

Just as you do when you sell something on e-bay and on craigslist.

Yeah.... just like when I do that.... which I do every time I sell something on craigslist....

I read a short time ago on the IRS website that hobby income is not taxable unless you make a profit at it.  But that's neither here nor there: I don't think anyone's fooling themselves about how serious the fedgov is about non-dollar denominated transactions... particularly not those who know who Robert Kahre is.
2  Bitcoin / Bitcoin Discussion / Re: An obvious question I don't see asked anywhere on: July 21, 2010, 07:44:28 PM
Everything I find on barter says that the IRS considers barter income to be taxable, and not reporting it is tax evasion.
3  Bitcoin / Bitcoin Discussion / An obvious question I don't see asked anywhere on: July 21, 2010, 07:35:34 PM
So, I'm installing this as soon as I get home, but here's the obvious question:
If I use bitcoin in the US for transactions where I procure or sell goods or services, how will I stay out of prison?
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