bitanarchy (OP)
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August 13, 2013, 12:27:24 PM |
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Favors, like sex, are also a means of exchange. What is legally the difference between taxing virtual currency and taxing sex?
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prophetx
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he who has the gold makes the rules
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August 13, 2013, 04:26:28 PM |
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Favors, like sex, are also a means of exchange. What is legally the difference between taxing virtual currency and taxing sex?
favors are a form of barter and therefor subject to tax, therefor sexual favors need to be reported to the IRS so that they may be taxed properly |
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skull88
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August 13, 2013, 05:10:58 PM |
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How do they calculate the value of sex?
Is it a flat rate or does it depend on the quality?
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BTC: 1MifMqtqqwMMAbb6zr8u6qEzWqq3CQeGUr
LTC: LhvMYEngkKS2B8FAcbnzHb2dvW8n9eHkdp
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prophetx
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he who has the gold makes the rules
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August 13, 2013, 05:30:37 PM |
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How do they calculate the value of sex?
Is it a flat rate or does it depend on the quality?
what is the value of the barter? if I fix your sisters car and she gives me a sexual favor, what was the equivalent cost of the car fixing? Oil change - $50; break inspection - $25; lube job - $30... and so on |
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MSantori
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August 13, 2013, 05:47:18 PM |
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huge fan of this thread.
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Marco Santori is a lawyer, but not your lawyer, and this is not legal advice. If you do have specific questions, though, please don't hesitate to PM me. We've learned this forum isn't 100% secure, so you might prefer to email me. Maybe I can help! Depending upon your jurisdiction, this post might be construed as attorney advertising, so: attorney advertising  |
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niko
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August 13, 2013, 06:01:33 PM |
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Favors, like sex, are also a means of exchange. What is legally the difference between taxing virtual currency and taxing sex?
First of all, what do you mean by "taxing virtual currency"? Are you talking about the sales tax? VAT? Capital gains tax, and capital losses credits? By the way, there is nothing virtual about Bitcoin. It's a hard currency. Irreversible. Next, which jurisdiction are you considering? Finally: I just paid for massage. The goods-and-services tax was included. |
They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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Lethn
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August 14, 2013, 10:46:03 AM |
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Maybe they could use sexcoins as a measure of the value of sex  |
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Mike Christ
aka snapsunny
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August 14, 2013, 09:33:44 PM |
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What if the exchange was more of a gift for her? Is that tax-exempt?
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prophetx
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he who has the gold makes the rules
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August 15, 2013, 01:13:09 AM |
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in the US, at least if I remember correctly, one is supposed to report barter transactions as if they were income. so if I receive sex 4 times a week at 1 hour sessions, this would be considered $600 in weekly income based on fair market value of $150 per hour that I see on http://classifieds.myredbook.com/http://www.irs.gov/taxtopics/tc420.htmlnote that if the sex is considered a gift, then the donor is liable for taxes... Who pays the gift tax? The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxesit is possible that if both parties view themselves as recipients of the gift an audit by the IRS may be required so that the government can properly assess tax liability. |
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niko
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August 15, 2013, 04:04:21 AM |
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Makes no sense. How can you treat a barter exchange as income? If $600 worth of sex between two individuals took place, that logic leads to a total of $1,200 dollars taxed. What happens in case of a threesome, or an orgy? One orgy.
By the same token, if I am selling potatoes for US dollars, those dollars are my taxable income, but so are the buyer's potatoes. Does the buyer pay income tax on the value of potatoes? It's an exchange.
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They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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gog1
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August 15, 2013, 04:10:58 AM |
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when it comes to taxes, it just a matter of the taxman interpreting it however they want in their favor so you get tax the max
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niko
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August 15, 2013, 05:41:04 AM |
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when it comes to taxes, it just a matter of the taxman interpreting it however they want in their favor so you get tax the max
In Canada, the tax bureaucrats from the CRA corrected my tax return to save me a couple of grand. Few years later, they did it again. |
They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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prophetx
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he who has the gold makes the rules
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August 15, 2013, 09:43:23 AM |
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Makes no sense. How can you treat a barter exchange as income? If $600 worth of sex between two individuals took place, that logic leads to a total of $1,200 dollars taxed. What happens in case of a threesome, or an orgy? One orgy.
By the same token, if I am selling potatoes for US dollars, those dollars are my taxable income, but so are the buyer's potatoes. Does the buyer pay income tax on the value of potatoes? It's an exchange.
you assume the the fair market value of the sex I provide is $150 per hour, in which case my costs would be equivalent to my profits and therefore I would have $0 tax liability. however as anyone can tell you the fair market value of a male providing sex to a sexy female hovers somewhere near $0 per hour. regarding potatoes, this is not a barter exchange. you are receiving the potatoes for money from some source of income which presumably has already been taxed. however there may be a sales tax attached to the transaction for it is not a natural right for me to feed myself and family from the division of labor in the society which I am a member of, and if government did not exist to protect sellers' property rights I could easily claim your potatoes as mine. |
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idev
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August 15, 2013, 01:31:07 PM |
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Please don't give them any ideas.
Indeed. Next thing you know we will need a license to make woopi or to take a dump in the toilet. |
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prophetx
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he who has the gold makes the rules
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August 20, 2013, 10:57:04 AM |
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Please don't give them any ideas.
Indeed. Next thing you know we will need a license to make woopi or to take a dump in the toilet. speaking of shit the tax man in sweden is called Skatt... |
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bassjoe
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September 05, 2013, 08:29:02 PM |
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Favors, like sex, are also a means of exchange. What is legally the difference between taxing virtual currency and taxing sex?
There is no difference because you're thinking about it incorrectly. The IRS taxes INCOME. The IRS -- and most taxing agencies in the world -- define income extremely broadly. If you receive non-monetary favors in lieu of money to do something, you're still supposed to report that as income (if you don't know the monetary value of the favor, you make a reasonable guesstimate). If your sex is in exchange for a $1000 watch, then you report an income of $1000. So the IRS is not taxing the medium of exchange directly; it is taxing however the value of the income you received in the exchange. |
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bassjoe
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September 05, 2013, 08:46:59 PM |
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Makes no sense. How can you treat a barter exchange as income? If $600 worth of sex between two individuals took place, that logic leads to a total of $1,200 dollars taxed. What happens in case of a threesome, or an orgy? One orgy.
By the same token, if I am selling potatoes for US dollars, those dollars are my taxable income, but so are the buyer's potatoes. Does the buyer pay income tax on the value of potatoes? It's an exchange.
No. You receive $600 in income from the barter exchange. And then you deduct the $600 you gave in the barter exchange somewhere else on the return. The barter exchange therefore equals zero taxable income. |
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Nigeria Prince
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September 07, 2013, 10:38:53 AM |
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Spendulus
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November 08, 2014, 02:17:19 PM |
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Favors, like sex, are also a means of exchange. What is legally the difference between taxing virtual currency and taxing sex?
There is no difference because you're thinking about it incorrectly. The IRS taxes INCOME. The IRS -- and most taxing agencies in the world -- define income extremely broadly. If you receive non-monetary favors in lieu of money to do something, you're still supposed to report that as income (if you don't know the monetary value of the favor, you make a reasonable guesstimate). If your sex is in exchange for a $1000 watch, then you report an income of $1000. So the IRS is not taxing the medium of exchange directly; it is taxing however the value of the income you received in the exchange. Correct. But don't forget this. If you don't report the value of the income, then the IRS may come out and seize your property. But in this case, the seizure would be of sexual favors..... |
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