Teresa is going to get a visit from the IRS

[the founder]

If I can get taxed on it,  it's money.

[Severian]

If I can get taxed on it,  it's money.

Your house isn't money.

[ErisDiscordia]

I, for one applaud this womans foolish bravery.

[BTC Books]

If I can get taxed on it,  it's money.

Yes, sort of.  The big question isn't whether or not you get taxed on it - the question is:  taxed as what?

Commodity, currency, income?  Is there a difference between mining and speculative acquisition?

We're only a tiny bit of the way to understanding how the tax structure will treat bitcoin.  And frankly - given the way the G reacts to new things - we're probably more aware of all the possibilities than the IRS is, at this point.

[Lethn]

The best part is if they try to seize the computer she has Bitcoins on they won't be able to get at her money and she technically won't owe taxes guys because Bitcoin is entirely seperate from the state, the only way they could get it would be if they legalised it and played by our rules which would then mean of course the dollar completely crashes and the central banks lose their power. I think more of us should try and go as purely Bitcoin as possible because if we start trying to play along with everything they do then there's no point in having Bitcoin in the first place.

If they want my money, they're going to have to play by my fucking rules now.

[iCEBREAKER]

Screwing with the IRS is akin to taking a gun to your head.    They have zero problem tossing you in jail for not reporting profits made from bitcoin.  

And American bitcoiners have zero problem moving their ass/assets to a nice country like Panama!

Burn in Hell IRS.  Justice is coming.  Soon:

http://en.wikipedia.org/wiki/Assassination_market

[the founder]

If I can get taxed on it,  it's money.

Your house isn't money.

the bank seems to think it is money...  everytime they send me a "take out a second mortgage" pamphlet.

dude, you know we're both right...   It isn't a greenback,  nor is it a euro... but it does have an easily tradeable value.. it's digital gold or silver.. .which both btw have a currency code...  XAG for silver,  XAU for Gold... platinum and palladium both have one as well.   That Government ruling on guidelines does state that it's being regulated as foreign currency.   Which means that it's pretty much a currency without the official BTC attached to it...

[str4wm4n]

IF YOU PAY TAXES, YOU HAVE BLOOD ON YOUR HANDS

[Mike Christ]

If I can get taxed on it,  it's money.

Your bank's house isn't money.

[rbgrish]

str4wm4n = MY HERO!!!!!!!!!

[bg002h]

Screwing with the IRS is akin to taking a gun to your head.    

The IRS doesn't recognize Bitcoin as money. Yet.

Righ. So it's not clear to me that only paying a 20% capital gains tax isn't still tax fraud. I mean, if I sold my old gym shoes for $10000, would I pay capital gains on that or regular income tax (which could be much more or much less)?

[justusranvier]

IF YOU PAY TAXES, YOU HAVE BLOOD ON YOUR HANDS

I understand this position but do not agree with it.

Someone who is acting under duress  is not morally responsible for the actions taken to avoid being harmed. The responsibility belongs to those who are pointing guns at people and telling them what to do.

[BTC Books]

Screwing with the IRS is akin to taking a gun to your head.    

The IRS doesn't recognize Bitcoin as money. Yet.

Righ. So it's not clear to me that only paying a 20% capital gains tax isn't still tax fraud. I mean, if I sold my old gym shoes for $10000, would I pay capital gains on that or regular income tax (which could be much more or much less)?

In the absence of any specific ruling by the IRS, you're right.

BUT, if you pay that 20% as the most reasonable option, and they come back at you, the fact that there was no clear ruling will limit what nastiness they can try.  Intent means something.

[Shinobi]

The patriotards will be the undoing of Bitcoin ever gaining legitimacy.

[ReCat]

Honestly, I think that bitcoins should be treated as cash. They are both anonymous and can be acquired without the government knowing. But as with jobs that pay in cash, you still have to and always had to pay taxes to them, and you still should, to keep everyone happy.

[ShireSilver]

I know Teresa and Fr33Aid well. I think they are doing this right.

Fr33Aid accepts donations and doesn't pay the workers who are all volunteers. All the donations are used for is expenses, like a defibrillator and bandages. Fr33Aid is also well connected to many knowledgeable new media experts like Free Talk Live.

If the IRS comes down on Fr33Aid it will hit the social networks like a ton of bricks, showing just how harmful the IRS is. The IRS has nothing to gain from this and lots to lose, and I know the folks running the organization are smart enough to mention that to the first agent that messes with them.

[lettucebee]

IF YOU PAY TAXES, YOU HAVE BLOOD ON YOUR HANDS

I understand this position but do not agree with it.

Someone who is acting under duress  is not morally responsible for the actions taken to avoid being harmed. The responsibility belongs to those who are pointing guns at people and telling them what to do.

However, what we've seen in this thread is timid little quislings who are eager to pay their taxes out of pussy fear.  If you do that you enable more drone bombings of weddings in your name.  Seriously, if 7 billion people on this planet quit going along this madness will stop.

[Shinobi]

You are so naive and arrogant, its painful.

Who gives a shit what "new media experts" this person knows? Whatever the hell that means beyond having a large twitter "following". Oooooh.

Do you think the IRS gives one good god damn about perceptions? What does the IRS have to lose? Tell me.

Fr33Aid is also well connected to many knowledgeable new media experts like Free Talk Live.

If the IRS comes down on Fr33Aid it will hit the social networks like a ton of bricks, showing just how harmful the IRS is. The IRS has nothing to gain from this and lots to lose, and I know the folks running the organization are smart enough to mention that to the first agent that messes with them.

[iCEBREAKER]

The patriotards will be the undoing of Bitcoin ever gaining legitimacy.

The quisling statistards will be the undoing of centralized governments ever gaining legitimacy.

[cryptoanarchist]

Bitcoin is entirely out of the jurisdiction of the corporate USA. If all you earn is bitcoin, and you don't cash it out - you don't owe the IRS one Satoshi.

Now as soon as you sell them for FRNs - THEN, and ONLY then, do you have to worry about the government trying to steal from you.