[2015-12-20] How to Prepare Yourself to Manage Bitcoin and Taxes?

[secone]

As a wise man once said, there is no escaping taxes and death once you are born. When bitcoin was introduced there was a glimmer of hope, most of us thought that we might just be able to escape taxes. However, it was short lived, until IRS decided to impose taxes on virtual currency holdings. Now that bitcoin is considered as money, asset, commodity, currency and what not by various government agencies in the United States, one can do nothing but pay relevant taxes.





http://www.newsbtc.com/2015/12/20/prepare-manage-bitcoin-taxes/

[a7mos]

How can the government apply taxes on bitcoin while someone can have bitcoin on a wallet without telling them about it.

[Lucius]

I wonder also how will any government to collect tax if no insight in possession of BTC by particular person?They may develop some mechanisms that will enable them to know such information in future.Although there will always be people who will themselves report taxes on BTC because thay fear of possible sanctions.