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Author Topic: BTC legalities?  (Read 563 times)
TR4L
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November 28, 2013, 03:20:11 AM
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I have been wondering about the legal side of BTC in America (Oregon to be more specific). Does anyone know where I could find some good info regarding this?  I don't want to make a bunch of USD then find out I was supposed to pay taxes or something.
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PenAndPaper
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November 28, 2013, 03:23:04 AM
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Maybe you should ask an expert. Forums aren't so reliable when it comes to law issues  Tongue
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November 28, 2013, 03:27:30 AM
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Logic would dictate that any profits or losses you generate from buying and selling bitcoins would be treated as capital gains, either long or short term.

Of course, and absolutely, talk to your accountant for exact information but I can not imagine that such gains would not be viewed as a taxable event unless inside a qualified retirement plan.

Just my two cents worth.

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November 28, 2013, 03:37:55 AM
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Technically, you haven't made any USD gains until you sell. So, don't sell your bitcoins, use them.
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November 28, 2013, 03:40:59 AM
 #5

bitcoins do not exist in physical space and therefore there is no terrestrial authority with jurisdiction

make war on any force that attempts to bring under its control realms of the mind

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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