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Tax treatment of BitCoin?
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Topic: Tax treatment of BitCoin? (Read 766 times)
21after2
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Tax treatment of BitCoin?
December 22, 2012, 06:12:43 PM
#1
I'm looking for any information about US tax treatment of BitCoin/BitCoin earnings. It sounds like a lot of people make their BTC by trading on exchanges, so I imagine they would be claimed on a return as capital gains while BitCoin earned from sales of goods and services would be claimed as income?
Themightyone
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Re: Tax treatment of BitCoin?
December 22, 2012, 09:43:51 PM
#2
I am also curious as to how much people are actually declaring for taxes with this stuff, or how many people are using it for tax evasion?
btcven
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Re: Tax treatment of BitCoin?
December 23, 2012, 12:08:23 AM
#3
Someone shared this on StackExchange
http://www.cra-arc.gc.ca/E/pub/tp/it490/it490-e.txt
it is for Canada, so I don't know if it would be the same in the US, but it is the same for Spain in most of the points.
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Stephen Gornick
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Re: Tax treatment of BitCoin?
December 23, 2012, 01:18:30 AM
#4
Quote from: 21after2 on December 22, 2012, 06:12:43 PM
I'm looking for any information about US tax treatment of BitCoin/BitCoin earnings.
You might wish to read:
-
http://en.bitcoin.it/wiki/Tax_compliance
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Bendur
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Re: Tax treatment of BitCoin?
December 23, 2012, 05:25:28 AM
#5
I haven't looked deeply into it, but my understanding is that bitcoin earnings would generally be considered a capital gain.
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21after2
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Re: Tax treatment of BitCoin?
December 23, 2012, 06:11:00 AM
#6
Quote from: Stephen Gornick on December 23, 2012, 01:18:30 AM
Quote from: 21after2 on December 22, 2012, 06:12:43 PM
I'm looking for any information about US tax treatment of BitCoin/BitCoin earnings.
You might wish to read:
-
http://en.bitcoin.it/wiki/Tax_compliance
Pretty much answered all my questions. Thanks!
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