dlauth (OP)
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March 04, 2013, 03:34:44 AM |
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What are the laws as far as BTC is concerned. I know you could remain under the radar but if one were playing by the rules, do you have to report earnings on currency swaps with BTC?
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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D35TR0Y3R
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March 04, 2013, 03:36:12 AM |
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What are the laws as far as BTC is concerned. I know you could remain under the radar but if one were playing by the rules, do you have to report earnings on currency swaps with BTC?
As of now, in the US, nope. |
Update: Hi everyone, just to let you guys know that I hacked this account and removed all the negative trust, I've dealt with that scumbag hacker-wannabe extortionist I rooted his fucking machine and stole every last bitcent. I will be in contact with those that he has defrauded and you will be reimbursed fully BM-2D8oHJRsGqH82FDAC2eTEtVmeN7TAVmNBP the1 trojan
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DannyHamilton
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March 04, 2013, 03:40:47 AM |
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What are the laws as far as BTC is concerned. I know you could remain under the radar but if one were playing by the rules, do you have to report earnings on currency swaps with BTC?
As of now, in the US, nope. That sounds like bad advice. Almost certainly US Law requires that you report all earnings, and pay the appropriate taxes. You should probably talk to a tax professional if you want to properly comply with US Law. |
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hockey
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March 04, 2013, 04:22:45 AM |
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BTC investment is still relatively new. I hope there's explicit tax report requirement about this from gov
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dlauth (OP)
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March 04, 2013, 04:23:31 AM |
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Very good read. Find it interesting that you could say the mining operation is your business and deduct expenses. aka gpu or $13000 ASICs lol
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Jutarul
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March 04, 2013, 04:39:19 AM |
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If you move as much $$ into bitcoin as you move out of it you should just break even. Holding bitcoin itself "should" (not 100% certain) not cause any tax liabilities, only if you use them to generate $$ through sales.
E.g, this year:
now, buy 100 BTC for 35 USD each, 3500 USD out
end of year, sell 10 BTC at 350 USD, 3500 USD in
Net: 0 USD (taxable), 90 BTC (non-taxable)
next year:
sell 10 BTC at 350 USD, 3500 USD in
Net: 3500 USD (taxable), 80 BTC (non-taxable)
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hockey
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March 04, 2013, 04:56:21 AM |
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If you move as much $$ into bitcoin as you move out of it you should just break even. Holding bitcoin itself "should" (not 100% certain) not cause any tax liabilities, only if you use them to generate $$ through sales.
E.g, this year:
now, buy 100 BTC for 35 USD each, 3500 USD out
end of year, sell 10 BTC at 350 USD, 3500 USD in
Net: 0 USD (taxable), 90 BTC (non-taxable)
next year:
sell 10 BTC at 350 USD, 3500 USD in
Net: 3500 USD (taxable), 80 BTC (non-taxable)
very nice example |
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sublime5447
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March 04, 2013, 05:17:09 AM |
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If you move as much $$ into bitcoin as you move out of it you should just break even. Holding bitcoin itself "should" (not 100% certain) not cause any tax liabilities, only if you use them to generate $$ through sales.
E.g, this year:
now, buy 100 BTC for 35 USD each, 3500 USD out
end of year, sell 10 BTC at 350 USD, 3500 USD in
Net: 0 USD (taxable), 90 BTC (non-taxable)
next year:
sell 10 BTC at 350 USD, 3500 USD in
Net: 3500 USD (taxable), 80 BTC (non-taxable)
You wouldn't have to pay taxes on the bitcoin inventory but you do still have to put it on you taxes as inventory in a dollar amount. All of the money is accounted for the government just looks at the inventory as assets that they will receive taxs on in the future. You could do this your whole life but when you dies the government is gonna get theirs. |
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