jakedeez (OP)
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ICO is evil
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March 25, 2014, 06:36:33 PM |
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If bitcoin is a property and not a currency, it means that holders will not have to pay mark to market gains on unrealized profits at the end of each tax year.
This is a really big deal.
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Dimelord
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March 25, 2014, 06:37:52 PM |
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They wont rule it that way, you know they wont. They want their share of the money...
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virtuexru
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litecoin!
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March 25, 2014, 07:13:45 PM |
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They wont rule it that way, you know they wont. They want their share of the money...
Shows how smart you are.
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jakedeez (OP)
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ICO is evil
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March 25, 2014, 07:18:57 PM |
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I am really shocked at this ruling. It's amazingly positive for BTC. While I can imagine a scenario where it could lead to a small dip, that would be because people who were holding got such good cap gains news they are selling. But I mean, it is being treated para pursue to gold for purposes of mining and exchange, with a smaller tax burden then gold or forex for gains.
Can't really imagine a better result. If they had said no taxes maybe, but that would have been a step to de-legitimize. This is a major step to recognition, and I think the best we could have possibly hoped for in the structure.
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RodeoX
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The revolution will be monetized!
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March 25, 2014, 07:22:52 PM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
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jakedeez (OP)
Sr. Member
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ICO is evil
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March 25, 2014, 07:24:12 PM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
I'd rather not get into what I think teh foundation has been doing... But I don't think this is the result of lobbying. I think it is the result of their internal study. The BTC foundation has about as much clout in Washington as does the Old Ladies with Too Many Cats Foundation... And I don't mean AARP!
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thejewelrytech
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I Quantum Leap to different worlds when I sleep...
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March 25, 2014, 07:45:12 PM Last edit: March 25, 2014, 08:20:43 PM by thejewelrytech |
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Id like to see them try and enforce it ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) and a RULING and LAW are 2 different things when did the IRS get the POWER TO WRITE LAWS? Bitcoin is anonymous and worldwide the fed said they have no jurisdiction and BITCOIN hasn't been declared PROPERTY BY ANY LAW YET! just SPECULATION!!! because WE KNOW AND THEY KNOW ITS A CURRENCY!!!but they will sure try to pass some laws eventually they have to always get their 50+ % from you one way or another whether stealing from your weekly paycheck or RIPPING YOU OFF AT THE GAS PUMP...........They think we are their PROPERTY ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) so their for everything we own they own ::)NOtHING IS EVER OURS!!!! MOdern day SLAVERY at it's finest! Lincoln never FREED THE SLAVES!!!!! he just made us all EQUAL ONES! But this is just a obvious last minute ditch SCARE TACTIC by the gov to get people to comply right before tax season when they have no solid law giving them authority! They have as much authority over Bitcoin as they do RUssia lol and we see how well that's worked out............... OH NO THE IRS GAVE A RULINg THEY CAN TAKE THAT RULING AND STICK IT WHERE THE SUN DON"T SHINE!!!1 The only people that will probably have to worry though is all those using EXCHANGES for pump n dumps and selling Bitcoin for FIAT because those people have lost the anonymity that Bitcoin was meant for and has provided!and they can now find you because of THE GREED....... as long as you never stupid enough too sell your Bitcoin for FIAT and your not a public business like Tiger Direct selling goods linked to BANK ACCOUNTS then they have no jurisdiction over you and they will never find you....... BITCOIN was created to BREAK AWAY FROM THE DOLLAR!! NOT SELL IT FOR ONE because once you touch the FIAT you give them grounds to come after you! SO DON'T DO it! and they will have NO GROUND TO StAND ON!
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Your either part of THE SOLUTION?Or your part of THE PROBLEM!
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RodeoX
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The revolution will be monetized!
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March 25, 2014, 07:47:46 PM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
I'd rather not get into what I think teh foundation has been doing... But I don't think this is the result of lobbying. I think it is the result of their internal study. The BTC foundation has about as much clout in Washington as does the Old Ladies with Too Many Cats Foundation... And I don't mean AARP! Are you aware of the efforts going on right now? With the addition of two new tier 1 lobbyists the BF has real clout. Your just out of the loop man. You can follow here. https://bitcoinfoundation.org/forum/index.php?/forum/16-regulatory-affairs/ @Holliday lol, that could also be all the drugs. At least that's what it turned out to be in my case. ![Lips sealed](https://bitcointalk.org/Smileys/default/lipsrsealed.gif)
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FeedbackLoop
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March 25, 2014, 08:28:15 PM Last edit: March 25, 2014, 08:51:04 PM by FeedbackLoop |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
Maybe 0% tax like the Danes? Or private money as in Germany: http://www.cnbc.com/id/100971898
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Dimelord
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March 25, 2014, 09:11:37 PM |
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They wont rule it that way, you know they wont. They want their share of the money...
Shows how smart you are. Whatever dude. Keep your childish insults to your self...
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FeedbackLoop
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March 25, 2014, 09:41:49 PM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
In fact, did the foundation push for this property thing?
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Tranz
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May the force bit with you.
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March 25, 2014, 09:54:01 PM |
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If bitcoin is a property and not a currency, it means that holders will not have to pay mark to market gains on unrealized profits at the end of each tax year.
This is a really big deal.
Really it's not much better though. Now you must keep perfect records, of incoming and outgoing transactions and the price points of each of those. The complicates things so much that any thought of bitcoin becoming a household usage are thrown out the window. Who is going to want to sit down and try figure out if they have capital gains/losses, on every transaction? I'm sure wash rules apply as well..
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bitcointaxes
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March 25, 2014, 10:31:39 PM |
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Really it's not much better though. Now you must keep perfect records, of incoming and outgoing transactions and the price points of each of those. The complicates things so much that any thought of bitcoin becoming a household usage are thrown out the window. Who is going to want to sit down and try figure out if they have capital gains/losses, on every transaction?
You're right. It's complicated. Easy enough for trades with bitcointaxes, but purchases need to done too. I'm sure wash rules apply as well..
Only applies to stock and securities.
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https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
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up2urheadlights
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March 25, 2014, 11:32:11 PM |
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I am really shocked at this ruling. It's amazingly positive for BTC. While I can imagine a scenario where it could lead to a small dip, that would be because people who were holding got such good cap gains news they are selling. But I mean, it is being treated para pursue to gold for purposes of mining and exchange, with a smaller tax burden then gold or forex for gains.
Can't really imagine a better result. If they had said no taxes maybe, but that would have been a step to de-legitimize. This is a major step to recognition, and I think the best we could have possibly hoped for in the structure.
This isn't technically true, bitcoin is taxed as income when it's mined. Gold is taxed when it's sold. If you mine the bitcoin and sit on for 100 years you are still paying taxes. If you mine Gold and put it in your pocket until the day you die, you don't pay any taxes on it, and neither do your heirs. That is unless they sell it.
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cr1776
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March 26, 2014, 04:14:53 PM |
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I am really shocked at this ruling. It's amazingly positive for BTC. While I can imagine a scenario where it could lead to a small dip, that would be because people who were holding got such good cap gains news they are selling. But I mean, it is being treated para pursue to gold for purposes of mining and exchange, with a smaller tax burden then gold or forex for gains.
Can't really imagine a better result. If they had said no taxes maybe, but that would have been a step to de-legitimize. This is a major step to recognition, and I think the best we could have possibly hoped for in the structure.
This isn't technically true, bitcoin is taxed as income when it's mined. Gold is taxed when it's sold. If you mine the bitcoin and sit on for 100 years you are still paying taxes. If you mine Gold and put it in your pocket until the day you die, you don't pay any taxes on it, and neither do your heirs. That is unless they sell it. If you are in the US, your heirs would pay taxes on it, other jurisdictions may vary.
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RodeoX
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The revolution will be monetized!
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March 26, 2014, 05:19:00 PM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
In fact, did the foundation push for this property thing? I know that is what we all were hoping for. It makes the most sense to me that taxation falls under capitol gains. At least now I could start a business and have an idea what my tax liability will be. Nobody wants to risk an outlay of money when you can't even calculate your profits.
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billysweird
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March 29, 2014, 11:35:42 AM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
Maybe 0% tax like the Danes? Or private money as in Germany: http://www.c[Suspicious link removed]m/id/100971898 I think IRS give btc legal right so it's a good thing to btc
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pc52013141234
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March 29, 2014, 12:25:41 PM |
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I want to fuck china!!fuck china!!!! ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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NewLiberty
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Gresham's Lawyer
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March 29, 2014, 02:47:31 PM |
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They wont rule it that way, you know they wont. They want their share of the money...
They have ruled that way, its a capital asset and you owe capital gains if/when you realize a profit in fiat or in goods/services. Mark to market is for an unrealized profit not a realized gain. It is for capitalization requirements, not taxation.
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which2say
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March 30, 2014, 03:42:55 AM |
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What do you think the bitcoin foundation has been doing? This is why lobbying lawmakers is so important. Can you imagine what they would have come up with on their own?
Maybe 0% tax like the Danes? Or private money as in Germany: http://www.c[Suspicious link removed]m/id/100971898 I think IRS give btc legal right so it's a good thing to btc You're right, Bitcoin legalization is beneficial.
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