Anyone reconsidering not reporting BTC in lieu of IRS / Silk Road investigation?

[sh3rman]

Hey all, was just curious what the sentiment is around here - I know a lot of people are thinking about simply not reporting BTC in the United States on their upcoming tax return, but after seeing how an IRS agent was able to track the corrupted Silk Road agents, anyone reconsidering?

[iGotSpots]

Hey all, was just curious what the sentiment is around here - I know a lot of people are thinking about simply not reporting BTC in the United States on their upcoming tax return, but after seeing how an IRS agent was able to track the corrupted Silk Road agents, anyone reconsidering?

I suggest reporting more than needed if you aren't doing anything shady, just in case things change and become retroactive

If you're doing bad things with your money, that's a different story, I guess, but not my cup of tea

[Orhan1337]

I will be moving out of the country soon so I don't have to abide to this rule.

[inBitweTrust]

I will be moving out of the country soon so I don't have to abide to this rule.

The US is one of those "exceptional" examples where you don't get to avoid your tax burden even if you leave and never use any of their "services".

You are also no longer able to give up your citizenship without getting permission and paying off the violent group of thugs who wish to kidnap and torture you if have the nerve to not submit to their authority.

The good news is if you choose to leave and you aren't a political target or don't have a lot of money to steal you may not be worth their time.

[Quickseller]

That is a horrible idea. Anything on your tax return cannot be used against you unless you are being charged with tax fraud/evasion and/or other tax related crimes. There is no reason to commit additional crimes when what you are likely doing in the first place is not illegal.

[inBitweTrust]

That is a horrible idea....

 What should motivate you to avoid paying taxes and not reporting BTC shouldn't be out of a sense of self preservation but out of doing the right thing and not supporting unethical and corrupt states.

These assholes partially funded and supported ISIS for goodness sakes, how could you continue to support them?

[franky1]

if you collect stamps, toy trains or other stuff.. you dont report it till you sell it.

unless your using a government registered financial instrument (stocks shares bonds) then its not financial.

in my eyes bitcoin is an asset, thus just like a car or any other antique, you dont need to announce you have it until you sell it and then announce the income (profit) you got for it.

but its best you speak to a financial advisor before making a possible expensive decision. as different countries not only have different rules but also different columns on tax forms of what needs declaring and what doesnt need declaring

[bigasic]

if you collect stamps, toy trains or other stuff.. you dont report it till you sell it.

unless your using a government registered financial instrument (stocks shares bonds) then its not financial.

in my eyes bitcoin is an asset, thus just like a car or any other antique, you dont need to announce you have it until you sell it and then announce the income (profit) you got for it.

but its best you speak to a financial advisor before making a possible expensive decision. as different countries not only have different rules but also different columns on tax forms of what needs declaring and what doesnt need declaring

This is my view as well.. I think most CPA's that are familiar with bitcoin would agree. but the IRS says that you have to report your bitcoin when you mine it. so if I mined 1 btc today, id have to report the income of 250 and then change it i sell if or more or less. at least thats my take, same with buying things with bitcoin, if you purchased a bitcoin for 100 dollars and you bought a computer for 1000 bucks when bitcoin was that high, you would have to report a 900 increase...

Not a cpa, dont take my advice, yada yada...

[ensurance982]

Well good think I'm not located in the US, yeah really makes me wonder whether they do put you on some list if you use BTC. It's sad that it's still so "weird" or exotic to use Bitcoin. But who knows, this may change at some point

[Meuh6879]

P2P is numbers.
Pursuit is irrelevante.

Think about P2P File sharing ... it flow with nothing more than his member (free member ...).
They can't win.

That's why they want delete cash money ...

[sh3rman]

How are you all figuring out what to report and what not to report? Is it best to google a crypto CPA or something?

[Blinken]

sh3rman <= obvious IRS agent's smurf account