Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[QuestionAuthority]

Okay goodnight all. Sweet dreams of waking up to more coins.

By the time you get up they will all be mine. MUAHAHAHAHAHA- *cough, hack*

[fr33d0miz3r]

And... The new bulls & bears fight is coming in an hour  



It's 8:21 AM here, I want to sleep... But no, I'll look at the show 

[NewLiberty]

A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.  
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

What has your accountant said about this? I will call mine tomorrow, but I was under the impression that the US Government still has not classified BTC as a currency which wouldn't require filing.

My understanding is that if there is $10,000 in the account at any point during the year you would need to file the form. So if you import BTC to Mt. Gox and sell it off for $10K, you have $10K in the account. Or if you transfer $10K to the account to purchase BTC.

So what happens when you buy BTC with those 10k and now you don't have 10k anymore and you're lying in your statement..?

How is this handled with forex?
( just curious, not an american..)

It doesn't even matter if it is BTC or USD$, if the VALUE goes over US$10K adding ALL foreign accounts of anything you have to file.  So if you have US$5K in gold in Switzerland, and $5K worth of BTC, you are at the minimum to file.

Doesn't mean you owe any tax, you just have to file the paperwork.... but if you don't file it, and they call you on it, you have to pay a LOT.  It is a Banking Secrecy thing.

[Frozenlock]

It is a Banking Secrecy thing.

Sounds more like anti-secrecy to me. 

[NewLiberty]

It is a Banking Secrecy thing.

Sounds more like anti-secrecy to me. 

But then you can't call it "BS" eh?
http://www.irs.gov/uac/Money-Laundering-&-Bank-Secrecy-Act-(BSA)-Criminal-Investigation-(CI)

[Voodah]

It is a Banking Secrecy thing.

Sounds more like anti-secrecy to me. 

But then you can't call it "BS" eh?
http://www.irs.gov/uac/Money-Laundering-&-Bank-Secrecy-Act-(BSA)-Criminal-Investigation-(CI)

Touche.

[ChartBuddy]

[solex]

More info here:

http://www.samizdata.net/2010/06/money-supply-th/

Great link. I hadn't considered the angle that the banks were deliberately disincentivized from lending, just that CBs were pushing on a wet string because households etc did not want any more loans. The advantage of QE is that government gets first use of money and can also fire-hose it directly into the economy through food-stamps and other entitlements.

In theory QE is meant to be unwound once the government runs a profit , by redeeming its maturing bonds held at the CB, with tax receipts, and have that money permanently out of circulation and "destroyed". LOL, a pipe-dream indeed!

[Le Happy Merchant]

It doesn't even matter if it is BTC or USD$, if the VALUE goes over US$10K adding ALL foreign accounts of anything you have to file.  So if you have US$5K in gold in Switzerland, and $5K worth of BTC, you are at the minimum to file.

I hold my bitcoins, I hold cash, I don't need to tell them anything if I had $10k worth of pounds in cash do I?

I could see the argument (however facile) that somebody storing $10k worth of BTC on gox has a foreign account worth $10k though.

[ChartBuddy]

[ChartBuddy]

[Loozik]

[prof7bit]

It doesn't even matter if it is BTC or USD$, if the VALUE goes over US$10K adding ALL foreign accounts of anything you have to file.  So if you have US$5K in gold in Switzerland, and $5K worth of BTC, you are at the minimum to file.

The BTC are not in a "foreign account", the BTC are cash in your wallet. And even if you find and apply some definition where it is not cash then it is still not held in a "foreign account", the money is in the blockchain and in your private keys and both are stored in your own country, on your own computer at home and not in a "foreign account".

[SilentSonicBoom]

O NO! We are doomed!

 

[dexX7]

I'm off till next monday. Bids are placed down to 80, take profits up to 128. Bye.

[fr33d0miz3r]

I'll buy bitcoins at $-20 

[ChartBuddy]

[EuroTrash]

I'm hoping for wireless charger tech to take over so everywhere we walk in cities/ towns we're juicing up wirelessly and never have to recharge our portables.

That would account for enough EM radiation to slow cook everyone's brain.

[EuroTrash]

A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.  
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

I wonder which exchange should be used to determine such value. Like the one where you can't take dollars out or the ones that aren't based in US?

[Rampion]

Is anybody else seeing a big dump approaching?