[2015-01-12] Don't Forget Bitcoin At Tax Time

[zakoliverz]

http://www.forbes.com/sites/kellyphillipserb/2015/01/11/dont-forget-bitcoin-at-tax-time/

For taxpayers, this means that Bitcoin and other similar virtual currency will be subject to capital gains rules for any applicable gains or losses. That treatment does have an upside for taxpayers since capital gains rates are generally pretty favorable to taxpayers. For 2014, capital gains rates for long term gains (those held more than a year) is no higher than 15% for most taxpayers (20% for those with taxable income at or above $406,750 for individual taxpayers; $457,600 for married taxpayers filing jointly or qualifying widow(er); $432,200 for head of household, and $228,800 for married taxpayers filing separately).

And losses are really losses: capital losses can be netted against capital gains and excess losses can be deducted from ordinary income (up to $3,000 each year).

[Chef Ramsay]

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

[ujka]

Not taxed in my country! 

[Krang]

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

Hehe. That's the point I was going to make. Many people will purposely 'forget'. I guess bitcoin does make it easier to get away with but at the same time it doesn't make you 100% invisible, especially if you're not careful.

Not taxed in my country! 

Which country is that? I might want to move there  .

[bitbouillion]

Which country is that? I might want to move there  .

Germany, if you hold longer than a year.

[Chef Ramsay]

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

Hehe. That's the point I was going to make. Many people will purposely 'forget'. I guess bitcoin does make it easier to get away with but at the same time it doesn't make you 100% invisible, especially if you're not careful.

You need to have a lot of hair hanging from your balls for it to matter here in the US. I'm not talking about 'forgetting' but just taking things as they are. 2014 is the year where you let the corrections do their thang and not worry about it. Even if you bought and held from prior times, unless you have some hefty cap gains then don't worry about uncle scam in your ass cuz it aint worth it for them. Anything less than 6 figs won't have them lifting a finger, let alone creating a cell for ya. And, fed prison cells aren't where the bad (nasty) boys are. 

[ujka]

Which country is that? I might want to move there  .

Germany, if you hold longer than a year.

Slovenia. No capital gain tax on trading coins.

[grendel25]

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

Hehe. That's the point I was going to make. Many people will purposely 'forget'. I guess bitcoin does make it easier to get away with but at the same time it doesn't make you 100% invisible, especially if you're not careful.

You need to have a lot of hair hanging from your balls for it to matter here in the US. I'm not talking about 'forgetting' but just taking things as they are. 2014 is the year where you let the corrections do their thang and not worry about it. Even if you bought and held from prior times, unless you have some hefty cap gains then don't worry about uncle scam in your ass cuz it aint worth it for them. Anything less than 6 figs won't have them lifting a finger, let alone creating a cell for ya. And, fed prison cells aren't where the bad (nasty) boys are. 

Well according to Office Space, the federal prisons are pretty tough!!

Michael Bolton: We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison.

Samir: I don't want to go to ANY prison!