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1  Bitcoin / Legal / Re: How is Bitcoin taxed?? on: December 12, 2017, 06:24:13 PM
Wow, that was really helpful. Thanks for sharing!
2  Bitcoin / Bitcoin Discussion / Re: Why are so many people against bitcoin? on: December 12, 2017, 06:11:10 PM
Well the IRS is against it because it's so difficult to tax. But the IRS is trying to tax Bitcoin transactions: https://scholarship.law.duke.edu/dltr/vol16/iss1/1/.
3  Bitcoin / Bitcoin Discussion / Re: Politics behind Bitcoin development? on: December 12, 2017, 05:53:08 PM
Well, the IRS has already been getting involved trying to tax it so...: https://scholarship.law.duke.edu/dltr/vol16/iss1/1/.
4  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin a currency or asset? on: December 12, 2017, 05:46:08 PM
Yes, it is an asset. The IRS now classifies cryptocurrencies as "property" based on a recent Revenue Ruling. Someone shared this paper with me, which I found helpful for understanding the tax effects of cryptocurrency trades: https://scholarship.law.duke.edu/dltr/vol16/iss1/1/.
5  Bitcoin / Bitcoin Discussion / Re: Will Bitcoin be replaced by another cryptocurrency? on: December 12, 2017, 05:37:42 PM
Does anyone know how Bitcoin is taxed? Also, will it change if other cryptocurrencies replace it? Trying to figure out if I should wait to trade or not...
6  Other / Off-topic / Re: Are bitcoins only for the educated and knowledgeable people only? on: December 12, 2017, 05:31:12 PM
Does anyone know how Bitcoin is taxed?
7  Bitcoin / Legal / How is Bitcoin taxed?? on: December 12, 2017, 05:25:01 PM
I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?
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