Bitcoin Forum
November 21, 2017, 03:16:31 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: Bitcoin Attorney Discussions  (Read 2452 times)
AttorneyBitcoin
Full Member
***
Offline Offline

Activity: 136


View Profile
May 05, 2017, 07:15:26 AM
 #21

As to whether Bitcoin is a commodity or currency is a matter left to the sound discretion of State laws or ordinances; and, in the absence of the latter, to the best judgment of courts or proper governmental agencies. As of this writing, there has been confusion as to how Bitcoins should be treated especially so that it can substantially affect the payment of taxes. Thus, it is best to wait on a definitive ruling about the aforesaid issue. When that time comes, it is best to abide by the laws or rules of the nation concerned so as to deter faulty assumptions resulting to legal liabilities.

Well put about faulty assumptions. Just as a general analysis; practically BTC has elements of personal property or commodities and elements of currency. It is being used by many as a form of trade for goods or services. There are states that have ruled on these matter to varying degrees and others that just don't seem to care. As to the Feds, the guidelines are more clearly defined.  Consult with an attorney and a CPA if you are or intend to be engaged in the business of crypto currencies.

George D. Greenberg, Esq.
www.attorneybitcoin.com
1511234191
Hero Member
*
Offline Offline

Posts: 1511234191

View Profile Personal Message (Offline)

Ignore
1511234191
Reply with quote  #2

1511234191
Report to moderator
1511234191
Hero Member
*
Offline Offline

Posts: 1511234191

View Profile Personal Message (Offline)

Ignore
1511234191
Reply with quote  #2

1511234191
Report to moderator
Join ICO Now Coinlancer is Disrupting the Freelance marketplace!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511234191
Hero Member
*
Offline Offline

Posts: 1511234191

View Profile Personal Message (Offline)

Ignore
1511234191
Reply with quote  #2

1511234191
Report to moderator
Juggy777
Sr. Member
****
Offline Offline

Activity: 392



View Profile
May 05, 2017, 08:27:40 AM
 #22

Dear BTC Talk Community:

I have been involved in BTC/Cryptos and BTC/Crypto Law for the past 3 years and was also on a speaker panel at Inside Bitcoin convention in Las Vegas. I have been an attorney here in Las Vegas for 25 years.

It is tax time so I have had some opinions about cryptos and taxes. It is my legal opinion that Bitcoin earnings only become taxable when they are converted to fiat. However there is a variation I would like to discuss.

If I have Bitcoin, and I make profit (for example) trading Bitcoin, and I then use those earnings to purchase goods or services from a vendor or service provider that/who accepts Bitcoin.....are the earnings that I made on the BTC that I spent for those goods/services taxable?  I'd like some opinions please.

It is my opinion that they would be taxable at the time I spent them as it would be the equivalent to converting to fiat.

What about converting to a pay card? gold? Interesting isn't it?

I'm very much looking forward to the diversity of opinions. Please keep in mind that I believe in paying my taxes and reporting my income and am not here to advise on how to get out of paying taxes, but rather to help us all understand when there is a taxable event, and how to legally minimize the taxes I am responsible to pay.

Thank you BTCTALK community.

George D. Greenberg, Esq

www.attorneybitcoin.com


This is indeed a very intriguing topic out here and I have within me two sides, one side of me says since Bitcoins is neither a currency nor is it accepted as one why should I pay taxes, second side says we should pay tax as normal Fiat usage. However after considering a lot, I decided not to pay any taxes, as I do not purchase Bitcoins I earn them online and I convert for a value of digital currency and I don't see any reason to pay taxes. We are already over taxed in life and last thing need is to pay taxes on Bitcoins. I do pay taxes on all my income, but don't agree that one should pay tax.

BitDice[]               ▄▄███▄▄
           ▄▄██▀▀ ▄ ▀▀██▄▄
      ▄▄█ ▀▀  ▄▄█████▄▄  ▀▀ █▄▄
  ▄▄██▀▀     ▀▀ █████ ▀▀     ▀▀██▄▄
██▀▀ ▄▄██▀      ▀███▀      ▀██▄▄ ▀▀██
██  ████▄▄       ███       ▄▄████  ██
██  █▀▀████▄▄  ▄█████▄  ▄▄████▀▀█  ██
██  ▀     ▀▀▀███████████▀▀▀     ▀  ██
             ███████████
██  ▄     ▄▄▄███████████▄▄▄     ▄  ██
██  █▄▄████▀▀  ▀█████▀  ▀▀████▄▄█  ██
██  ████▀▀       ███       ▀▀████  ██
██▄▄ ▀▀██▄      ▄███▄      ▄██▀▀ ▄▄██
  ▀▀██▄▄     ▄▄ █████ ▄▄     ▄▄██▀▀
      ▀▀█ ▄▄  ▀▀█████▀▀  ▄▄ █▀▀
           ▀▀██▄▄ ▀ ▄▄██▀▀
               ▀▀███▀▀
        ▄▄███████▄▄
     ▄███████████████▄
    ████▀▀       ▀▀████
   ████▀           ▀████
   ████             ████
   ████ ▄▄▄▄▄▄▄▄▄▄▄ ████
▄█████████████████████████▄
██████████▀▀▀▀▀▀▀██████████
████                   ████
████                   ████
████                   ████
████                   ████
████                   ████
████▄                 ▄████
████████▄▄▄     ▄▄▄████████
  ▀▀▀█████████████████▀▀▀
        ▀▀▀█████▀▀▀
▄▄████████████████████████████████▄▄
██████████████████████████████████████
█████                            █████
█████                            █████
█████                            █████
█████                            █████
█████                     ▄▄▄▄▄▄▄▄▄▄
█████                   ▄█▀▀▀▀▀▀▀▀▀▀█▄
█████                   ██          ██
█████                   ██          ██
█████                   ██          ██
██████████████████▀▀███ ██          ██
 ████████████████▄  ▄██ ██          ██
   ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ██          ██
             ██████████ ██          ██
           ▄███████████ ██████▀▀██████
          █████████████  ▀████▄▄████▀
[/]
AttorneyBitcoin
Full Member
***
Offline Offline

Activity: 136


View Profile
May 08, 2017, 06:12:22 AM
 #23

Dear BTC Talk Community:

I have been involved in BTC/Cryptos and BTC/Crypto Law for the past 3 years and was also on a speaker panel at Inside Bitcoin convention in Las Vegas. I have been an attorney here in Las Vegas for 25 years.

It is tax time so I have had some opinions about cryptos and taxes. It is my legal opinion that Bitcoin earnings only become taxable when they are converted to fiat. However there is a variation I would like to discuss.

If I have Bitcoin, and I make profit (for example) trading Bitcoin, and I then use those earnings to purchase goods or services from a vendor or service provider that/who accepts Bitcoin.....are the earnings that I made on the BTC that I spent for those goods/services taxable?  I'd like some opinions please.

It is my opinion that they would be taxable at the time I spent them as it would be the equivalent to converting to fiat.

What about converting to a pay card? gold? Interesting isn't it?

I'm very much looking forward to the diversity of opinions. Please keep in mind that I believe in paying my taxes and reporting my income and am not here to advise on how to get out of paying taxes, but rather to help us all understand when there is a taxable event, and how to legally minimize the taxes I am responsible to pay.

Thank you BTCTALK community.

George D. Greenberg, Esq

www.attorneybitcoin.com


This is indeed a very intriguing topic out here and I have within me two sides, one side of me says since Bitcoins is neither a currency nor is it accepted as one why should I pay taxes, second side says we should pay tax as normal Fiat usage. However after considering a lot, I decided not to pay any taxes, as I do not purchase Bitcoins I earn them online and I convert for a value of digital currency and I don't see any reason to pay taxes. We are already over taxed in life and last thing need is to pay taxes on Bitcoins. I do pay taxes on all my income, but don't agree that one should pay tax.

A very interesting analysis. So to describe it in another fashion; If I build chairs and then sell them and make a profit, do I need to pay taxes on my profit? My profit would be income so I think yes. What if I build chairs and take one of those chairs and trade it for a server? Let's say the server is the same value as the chair. Have I made a profit? I don't think so, therefore logic tells me I would not need to pay taxes on that transaction. Everyone seems to forget that you report your income but then AT THE END OF THE YEAR, YOU TAKE ALL PROFIT, AND ITEMIZE AND DEDUCT ALL COSTS AND EXPENSES THAT WENT INTO ACHIEVING THAT PROFIT. As to the chair example; the cost of wood, tools, electricity, the rental for the structure that they are built in, utilities, phones, computers, insurance, transportation, any employees or independent contractors used, book keeper, certified public accountant, attorney, shipping costs, continuing education, and so on and so forth. These things are all deducted in one way or another from the total profit as business expenses as well as whatever personal exemptions you claim such as dependents, and then only what is left is what is subject to income taxes.

This same analysis holds true if you are conducting any business related to crypto currencies. Play it safe but play it smart. Then you won't have to look over your shoulder for years.

George D. Greenberg, Esq.
www.attorneybitcoin.com
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!