As you have probably read, the US Atty. for the SDNY has issued a subpoena for Mt. Gox Records according to news reports.

If you had an account at Mt. Gox last year, and if AT ANY TIME DURING THE YEAR the account value exceeded 10k, you may want to file a foreign financial account form - called a 90.22.1 form (also known as FBAR).  Remember CoinDesk reports $1,147.25USD per BTC on 12/04 of last year as the highest value for BTC - Gox was likely higher and is a safer number to use but their site is down.

I have seen nothing on what was requested in the subpoena.  Subpoenas are typically not made public unless released by the individual or corporation who received the subpoena.  I also don't know who was the entity the subpoena was issued to - Mark personally, Tribane, Mt. Gox LLC, the US subsidiary that was subject to the seizures last July, Mutum Sigillum LLC or some other Gox-related entity.

In the meantime, all the more reason that you consider filing the forms..... and presume your account and trading information will be turned over.

Link for info and form is below.  The penalties for not filing are hefty.  If you had several accounts at Gox I suspect they will be looked at as if they were a single account...

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

If anyone has had even an inquiry about how their bitcoin was treated for US Tax purposes by the IRS or a State Tax authority - might you be willing to share in this form to help others?  If so please add to this thread your experience.

Does anyone use the block timestamp to establish a 'transaction time' for the transactions in the block?

If so, do you:
   1. Average the stamps of the prior blocks to account for the date stamp placed by the miner, or
   2. Use the stamp of later blocks in the chain under a theory that the transaction is not 'complete' from a business sense until it is confirmed?

Need to establish the 'time' for several trades made in the past, and from what I read the block timestamp is the only time as there is no tx time in the transaction structure itself.....

For tax reasons, I need to know exactly when a miner's reward is 'spendable' and how this is determined logically. 

Is it based upon whomever the recipient is of an attempt to spend the reward as the transaction record will permit me to calculate the number of blocks added to the chain since the block with the award was appended and thus I must decide if I want to take the risk of a block may be an orphan?

Is there a field in the Generation Transaction that is basically a time stamp that permits me to "guess" that a sufficient period has passed so I will accept an attempt to "spend" the reward coins?  I.e. an hour to logically permit the appending of 6 additional blocks?

An hour of hunting has not produced an answer and the exact methodolgy has become important..... as has determining, if possible, the exact point in time this 'verification' is reached.

All help appreciated.

bob

Bitcoins have been out long enough that there must be some tax audits in the US that have involved them.  The way they have been treated and whether or not the auditor chose to question the treatment could be helpful for others to know.  It would also help to state whether the bitcoin activity or income was enough to make the auditor question the matter, and even better, seek advice from his/her manager.

Anyone willing to share their experience?

The KahnAcademy video series (https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/bitcoin/v/bitcoin-what-is-it) example on the mechanics of bitcoins and mining suggests the coins allocated to the miners comes from the transactions fees of the transactions batched in the block.  I have always thought that, at least as long as we are not at the upper limit of coins in the space as defined from the start, the coins allocated to successful miners were generated as a part of the block and released to the miners when added to the chain - independent of any transaction that is a part of the transactions contained in the block.....

May make a big difference for taxes this year...... any thoughts?

Hello

Have been in computer gaming 25 years.... have a very keen interest in BTC.

bob