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Author Topic: Buy anything from my store and get paid 1 BTC  (Read 2194 times)
Xenland
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September 01, 2011, 03:27:34 AM
 #41

Not sure if someone told you yet by the way, but there's a 'laptop' for sale which only shows a picture of a mouse.

I was not aware of this
Would you mind PMing me the link to this product so i can have this fix?
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elggawf
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September 01, 2011, 03:50:09 AM
 #42

lol not trying to troll you im just saying, unless california has implemented some new law and has the technology and the man power to pull it off to actually tax your btc income then NO its not taxable...

Im not sure what the state tax forms look like but im looking at the federal 1040 right now and NOWHERE do i see "BITCOIN" anywhere on it....

.... of course you don't, because your taxes are due in USD? If your argument is that because the IRS don't ask about it, that you don't owe it - that's fucking stupid. You're supposed to pay tax on barter as well, you're supposed to figure out the USD value of whatever you bartered and claim it accordingly. Personally as far as income tax goes, I would just claim the amounts of the conversions to USD that you have to make, and for fuck's sake don't keep any books in BTC in case you get audited. However, there's something to be said about taking tax advice off the internet - it's worth about what you paid for it. If OP makes more than a few hundred bucks off this venture he really should go speak to a tax accountant/attorney instead.

As I said, the California State Board of Equalization are animals - they make the IRS look like a bunch of free-love hippies. They have zero qualms about putting a ramen-profitable small business out of business if the state doesn't think it's getting it's "fair" share.

But by all means, dodge all the taxes you like, just don't go telling people it's a good idea - particularly not when they live in California.

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skilo
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September 01, 2011, 03:57:49 AM
 #43

lol not trying to troll you im just saying, unless california has implemented some new law and has the technology and the man power to pull it off to actually tax your btc income then NO its not taxable...

Im not sure what the state tax forms look like but im looking at the federal 1040 right now and NOWHERE do i see "BITCOIN" anywhere on it....

.... of course you don't, because your taxes are due in USD? If your argument is that because the IRS don't ask about it, that you don't owe it - that's fucking stupid. You're supposed to pay tax on barter as well, you're supposed to figure out the USD value of whatever you bartered and claim it accordingly. Personally as far as income tax goes, I would just claim the amounts of the conversions to USD that you have to make, and for fuck's sake don't keep any books in BTC in case you get audited. However, there's something to be said about taking tax advice off the internet - it's worth about what you paid for it. If OP makes more than a few hundred bucks off this venture he really should go speak to a tax accountant/attorney instead.

As I said, the California State Board of Equalization are animals - they make the IRS look like a bunch of free-love hippies. They have zero qualms about putting a ramen-profitable small business out of business if the state doesn't think it's getting it's "fair" share.

But by all means, dodge all the taxes you like, just don't go telling people it's a good idea - particularly not when they live in California.

What you say is true but still there would be no way to know how much bitcoin someone made from a sale of goods unless the person kept records on it.

Bitcoins aint cash the only trail they leave is in the block chain and good luck keeping track of that lol.

I agree with what you say, its best you go ahead and do your taxes even if in reality there would be little evidence to prove a sale ever took place anyway lol.

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elggawf
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September 01, 2011, 04:03:22 AM
 #44

What you say is true but still there would be no way to know how much bitcoin someone made from a sale of goods unless the person kept records on it.

... and what I'm saying is that from my 3rd party experience with the BOE in California, it sounds like they're not averse to just making shit up if you can't produce figures they like. So "no proof" isn't really a defense at all, and it's not exactly "innocent until proven guilty" with them either, the onus is on you to cover your ass.

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skilo
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September 01, 2011, 04:11:11 AM
 #45

What you say is true but still there would be no way to know how much bitcoin someone made from a sale of goods unless the person kept records on it.

... and what I'm saying is that from my 3rd party experience with the BOE in California, it sounds like they're not averse to just making shit up if you can't produce figures they like. So "no proof" isn't really a defense at all, and it's not exactly "innocent until proven guilty" with them either, the onus is on you to cover your ass.

Well california sucks anyway, I give it another 5 years and will be little more than an extention of mexico...

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helloworld
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September 01, 2011, 04:31:23 AM
 #46

Not sure if someone told you yet by the way, but there's a 'laptop' for sale which only shows a picture of a mouse.

I was not aware of this
Would you mind PMing me the link to this product so i can have this fix?

Done.

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