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April 24, 2013, 03:11:32 AM |
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Coming from a noob who earned 44.77 USD in a whopping 22 days. (About a 15ish% return on investment) first I'd like to say this, like anything else worth doing, isn't easy. I've made a lot of mistakes but have learned a lot. I'm expected my next 22 days to be far more profitable. Hopefully.
Here is what I do know:
Depending on your country tax laws differ. For the U.S. once you hit gains of... well, something like 250-500 you have to report them.
Now, now, the law is very... well, basically, bitcoin is kinda vauge, however for simplicities sake you can report your gains as income or capital gains on your tax returns (assuming you actually make gains)
Some people advocate not reporting at all, while others report it as something other than income or capital gains for the lower tax.
Personally, I'd recommend this: Record your gains (if you can't figure out how to mathematically record your losses and gains and keep track of all that you probably shouldn't attempt this in the first place)
Then at the end of the year, when tax time comes around, file your gains as income or capital gains, pick whatever suits you best.
I wouldn't recommend MtGox, but it's really up to you.
Again, assuming you actually succeed.
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