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Author Topic: US income tax and MtGox  (Read 2839 times)
soy
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March 02, 2014, 08:30:52 PM
 #1

Since MtGox declared bankruptcy I suppose we can't declare a loss on a US tax return until next year.  Nice that Coinbase was good and stable for a few days, $588-$580 around the time of the bankruptcy court session.  It looks like MrGox is claiming a basis value for the missing btc rather than market value.  Perhaps the new US tax code Ponzi scheme provision will be applicable after he answers the federal subpoena but again that would be for next years taxes.



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March 02, 2014, 08:55:36 PM
 #2

He doesn't want to go to jail.  Toilet paper, not issued individually;  no maid service, unless earlier prisoners have cleaned the wall abutting the cot, it's coated in years of jiz; time to shave, bucket brought in with plastic bic-type razors - not in disinfectant nor bleach and you get one when someone else has finished with it and they ain't a healthy bunch; yard exercise but returning en mass with your tier you pass another tier on its way down the stairs and beatdowns by a succession of prisoners from the other tier on their way past has been known to happen (not actually injurious).  I think the DOJ remands to the local county jail, in this case next door to NCMC rather than a federal prison.  He can be held up to 6 months in the county jail and his right to a speedy trial will not be violated.

I'd suggest arrive to LI on the down low, get admitted into South Oaks Psychiatric Hospital (delicious egg creams there), then be escorted to and from the federal court and hope the hospitalization time counts toward time served.  It would have to be an involuntary admission of course.

Interestingly it appears that the LI courts are not required to accept a not guilty plea nor a nolo contendere even when expressed as "I'm pleading no contest."



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March 02, 2014, 10:19:10 PM
 #3

Since MtGox declared bankruptcy I suppose we can't declare a loss on a US tax return until next year. 

Right. Once the bankruptcy has been finalized and we know if any Bitcoins are going to be credited, you can write them off as loss for that amount or zero, on that date. obviously in your 2014 taxes (assuming it gets sorted this year).

Nothing changes for filing in 2013, except for anyone who didn't download their trading history from MtGox.

In that case you won't be able to calculate your sales and cost basis. The IRS's stance is it is your responsibility to keep records. So given the ongoing investigations the US is more likely to obtain access to the MtGox customer accounts, in which case you will need to speak to a tax specialist to decided how to report those 2013 trades.

https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
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March 03, 2014, 12:21:10 AM
 #4

In my case, I lost fiat (US dollar) with Mt. Gox.

Can I claim the loss was in 2013, because I attempted to withdraw my funds back in 2013 (late 2013), and they refused to send them because they were already insolvent by then?

And if it turns out that in 2014, i do end up getting money back, could I then report whatever funds I recover as income (taxable) ?

I ask because it would help me a lot if I can report the loss for 2013, rather than in 2014
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March 03, 2014, 04:10:25 AM
 #5

The US tax on earning anywhere in the world is interesting (that from bitcointaxes.info).  If one buys a kilo of pot in Colorado and sells it in Mexico for a profit, one has to pay US tax!

It's a brave new world.



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March 03, 2014, 05:20:14 AM
 #6

Can I claim the loss was in 2013, because I attempted to withdraw my funds back in 2013 (late 2013), and they refused to send them because they were already insolvent by then?

Unfortunately the answer is no, as the date of the official bankruptcy would be used. But we also don't know how if/how they intend to restructure or repay. So even for 2014 it's unclear as you don't know how much you are getting back. If none or less, you'll likely claim it as a casualty loss in 2014.


https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
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March 03, 2014, 10:51:40 AM
 #7

When was the coinbase good and stable for a few days?

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March 03, 2014, 10:57:51 AM
 #8

He doesn't want to go to jail.  Toilet paper, not issued individually;  no maid service, unless earlier prisoners have cleaned the wall abutting the cot, it's coated in years of jiz; time to shave, bucket brought in with plastic bic-type razors - not in disinfectant nor bleach and you get one when someone else has finished with it and they ain't a healthy bunch; yard exercise but returning en mass with your tier you pass another tier on its way down the stairs and beatdowns by a succession of prisoners from the other tier on their way past has been known to happen (not actually injurious).  I think the DOJ remands to the local county jail, in this case next door to NCMC rather than a federal prison.  He can be held up to 6 months in the county jail and his right to a speedy trial will not be violated.

I'd suggest arrive to LI on the down low, get admitted into South Oaks Psychiatric Hospital (delicious egg creams there), then be escorted to and from the federal court and hope the hospitalization time counts toward time served.  It would have to be an involuntary admission of course.

Interestingly it appears that the LI courts are not required to accept a not guilty plea nor a nolo contendere even when expressed as "I'm pleading no contest."

If he goes to jail it will be in Japan, not some US hotel style jail.   Japanese jail sound scary, even though I haven't been in one yet.  (I'm in Japan.)
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March 03, 2014, 04:31:09 PM
 #9

He doesn't want to go to jail.  Toilet paper, not issued individually;  no maid service, unless earlier prisoners have cleaned the wall abutting the cot, it's coated in years of jiz; time to shave, bucket brought in with plastic bic-type razors - not in disinfectant nor bleach and you get one when someone else has finished with it and they ain't a healthy bunch; yard exercise but returning en mass with your tier you pass another tier on its way down the stairs and beatdowns by a succession of prisoners from the other tier on their way past has been known to happen (not actually injurious).  I think the DOJ remands to the local county jail, in this case next door to NCMC rather than a federal prison.  He can be held up to 6 months in the county jail and his right to a speedy trial will not be violated.

I'd suggest arrive to LI on the down low, get admitted into South Oaks Psychiatric Hospital (delicious egg creams there), then be escorted to and from the federal court and hope the hospitalization time counts toward time served.  It would have to be an involuntary admission of course.

Interestingly it appears that the LI courts are not required to accept a not guilty plea nor a nolo contendere even when expressed as "I'm pleading no contest."

If he goes to jail it will be in Japan, not some US hotel style jail.   Japanese jail sound scary, even though I haven't been in one yet.  (I'm in Japan.)

I'd guess he'd want to be tried in the locale/country having the greater percentage of liberals.  Has any legal restraint relating to the bankruptcy been placed on his leaving Japan?



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March 03, 2014, 08:17:11 PM
 #10

He doesn't want to go to jail.  Toilet paper, not issued individually;  no maid service, unless earlier prisoners have cleaned the wall abutting the cot, it's coated in years of jiz; time to shave, bucket brought in with plastic bic-type razors - not in disinfectant nor bleach and you get one when someone else has finished with it and they ain't a healthy bunch; yard exercise but returning en mass with your tier you pass another tier on its way down the stairs and beatdowns by a succession of prisoners from the other tier on their way past has been known to happen (not actually injurious).  I think the DOJ remands to the local county jail, in this case next door to NCMC rather than a federal prison.  He can be held up to 6 months in the county jail and his right to a speedy trial will not be violated.

I'd suggest arrive to LI on the down low, get admitted into South Oaks Psychiatric Hospital (delicious egg creams there), then be escorted to and from the federal court and hope the hospitalization time counts toward time served.  It would have to be an involuntary admission of course.

Interestingly it appears that the LI courts are not required to accept a not guilty plea nor a nolo contendere even when expressed as "I'm pleading no contest."

If he goes to jail it will be in Japan, not some US hotel style jail.   Japanese jail sound scary, even though I haven't been in one yet.  (I'm in Japan.)

I remember when the Simpsons were in jail in Japan, it was actually rather pleasant. I think Homer spent his time doing tea ceremony and calligraphy or something.
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March 03, 2014, 10:13:07 PM
 #11

He doesn't want to go to jail.  Toilet paper, not issued individually;  no maid service, unless earlier prisoners have cleaned the wall abutting the cot, it's coated in years of jiz; time to shave, bucket brought in with plastic bic-type razors - not in disinfectant nor bleach and you get one when someone else has finished with it and they ain't a healthy bunch; yard exercise but returning en mass with your tier you pass another tier on its way down the stairs and beatdowns by a succession of prisoners from the other tier on their way past has been known to happen (not actually injurious).  I think the DOJ remands to the local county jail, in this case next door to NCMC rather than a federal prison.  He can be held up to 6 months in the county jail and his right to a speedy trial will not be violated.

I'd suggest arrive to LI on the down low, get admitted into South Oaks Psychiatric Hospital (delicious egg creams there), then be escorted to and from the federal court and hope the hospitalization time counts toward time served.  It would have to be an involuntary admission of course.

Interestingly it appears that the LI courts are not required to accept a not guilty plea nor a nolo contendere even when expressed as "I'm pleading no contest."

If he goes to jail it will be in Japan, not some US hotel style jail.   Japanese jail sound scary, even though I haven't been in one yet.  (I'm in Japan.)

I remember when the Simpsons were in jail in Japan, it was actually rather pleasant. I think Homer spent his time doing tea ceremony and calligraphy or something.

I don't know about the Simpsons, but I do know that you have to pay for your lunch in jail, or else you only get to eat bread and maybe some jam if you saved it from another meal.   Japanese prison is about reforming people.   I'm sure they are far from comfortable. 
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