 |
June 06, 2015, 02:48:51 PM |
|
I'm trying to summarize my knowledge of Bitcoin tax rules in a series of examples, please correct my calculations if they seem wrong.
Calculating US federal taxes, assuming marginal tax rate of 25% and long-term capital rate of 15%.
Negative tax liability numbers mean you receive a refund from IRS.
1) Bought 1 BTC at Coinbase for $1000, sold 1BTC at Coinbase for $1200.
Tax liability = ($1200-$1000) * 25% = $50
2) Bought 1 BTC at Coinbase for $1000, sold 1BTC at Coinbase for $200. Total capital losses for that year are less that $3000.
Tax liability = ($200-$1000) * 25% = -$200 (refund)
3) Bought 1 BTC for $1000 from a stranger without receipt, sold 1BTC at Coinbase for $200.
Tax liability = ($200-$0) * 25% = $50
4) Bought an ASIC miner for $500, mined 1 BTC during the year, and sold it for $1000, burning $100 worth of electricity in the process.
Tax liability = ($1000-$500-$100) * 25% = $100
5) Bought 1 BTC at Coinbase for $1000, sent it to your own Mycellium wallet, exchange rate at date of the send is $1200.
Tax liability = ($1200-$1000) * 25% = $50
6) Sold pizza worth $20 in 2010 for 10,000 bitcoins, sold bitcoins in 2015 for $200 each.
Tax liability = (10000 * $200 - $20) * 15% = $299,997
7) Mined 1BTC in 2011, have email from Deepbit mining pool to prove it. Sold in 2015 for $200.
IRS argues email is not a valid receipt, charges highest rate.
Tax liability = ($200 - $0) * 25% = $50
|
