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davidnjess
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na
November 28, 2013, 03:37:49 PM
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hieroglyph
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December 03, 2013, 03:38:41 PM
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Sorry to say I don't have an answer for you at the moment.  However I will give this thread a bump in hopes to get the discussion moving in the right direction.  Wink

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December 03, 2013, 05:26:18 PM
 #3

No offense but why start a new thread when there are already 3 on the top of the page alone?
It just makes it harder for the next user to find some information.

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mgio
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December 08, 2013, 10:44:08 AM
 #4

Sorry, but the answer isn't clear on any other threads, and that may be the answer. When I file my taxes next year, what are the current thoughts on how to pay taxes on bitcoin? As a foreign currency which the gains need to be reported yearly? And if greater than $10,000 the account has to be reported? Those rates of course at ones marginal tax rate. Or as a capital gains vehicle like gold or silver? Only reporting the realized gain when the asset is sold? At an extremely favorable rate if held for greater than 1 year?

I do have one other question non binding give me some tips or references to where I could find the information. Can an LLC invest in something like gold? (Yes that means bitcoin if it were considered a commodity.) If a company were to have $100,000 of profit, could they take that profit and invest in gold and essentially defer the taxes this year and hold the asset for the required year and one day. Then when it is sold, they would pay the capital gain taxes instead?

No, don't treat it as a foreign currency. Consider it a commodity. If you hold your coins more than a year, pay long term capital gains on it. If they are held for less than a year, pay short term capital gains. And btw, gold and silver are treated as collectables, and not subject to the normal capital gains rules.

Yes, only report the realized gain when the asset (the bitcoins) are sold. If you mine them, though, you need to report the value of every coin you mine at the time you mine them and pay income tax on them.

You are not going to save any money by investing in gold. First of all, gold never qualifies for long term capital gains treatment. It is always considered a collectable and taxed at a higher rate.
 
Let's say you bought bitcoins cheaply and then when they appreciated you used them to buy gold. Well, at the point you spent the coins to buy gold you would owe capital gains on the value of bitcoins when you spent them (subtracting the purchase price of the coins, of course). And then later, when you sold the gold, you would have to pay collectables tax on any appreciation of the gold from the price you bought it at (assuming it went up in value).
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