Pockets
Newbie
 Offline
Activity: 41
Merit: 0
|
 |
March 25, 2014, 08:52:58 PM |
|
Does this mean sales tax may be enforced on BTC as well?
|
|
|
|
|
|
|
|
|
|
|
|
"Bitcoin: mining our own business since 2009" -- Pieter Wuille
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
halfawake
|
|
March 25, 2014, 08:57:36 PM |
|
So this means that if you treat bitcoin as an investment, and hold it for longer than a year, you get taxed at the 15% tax rate (for most Americans). That doesn't sound too bad to me.
|
BTC: 13kJEpqhkW5MnQhWLvum7N5v8LbTAhzeWj
|
|
|
marcus_of_augustus
Legendary
Offline
Activity: 3920
Merit: 2348
Eadem mutata resurgo
|
|
March 25, 2014, 09:06:22 PM |
|
Tax slaves meet CoinJoin, stealth addressing?
|
|
|
|
Dafar
Legendary
Offline
Activity: 1330
Merit: 1000
dafar consulting
|
|
March 25, 2014, 09:43:58 PM |
|
Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
|
|
|
|
|
tins
|
|
March 25, 2014, 09:51:47 PM |
|
Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
Why is this such a bad thing? 2014 seems to be shaping up as a good year. Bitcoin is all over the news and entertainment. As a community, we finally got the gox off our back. Prices are significantly higher than last year at this time. |
|
|
|
|
|
Klestin
|
|
March 25, 2014, 09:53:56 PM |
|
Does this mean sales tax may be enforced on BTC as well?
Perhaps, if your locality charges sales tax on digital goods. Don't think that's very common. |
|
|
|
|
inoob
Newbie
Offline
Activity: 31
Merit: 0
|
|
March 25, 2014, 09:55:04 PM |
|
I've been telling EVERYBODY. frickin bitcoin won't hit projections because of government cock blocks! you guys are so frickin smart, but can't see the gorilla in the room.
you guys can probably build super computers, but don't see the frickin 3 year old spilling a cup of water on it, and ruining your grand invention!
now you guys just gotta prepare for more government cock blocks, and bad news in the media, and make decisions accordingly.
|
|
|
|
|
virtuexru
Member
Offline
Activity: 75
Merit: 10
litecoin!
|
|
March 25, 2014, 09:55:17 PM |
|
Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
Ah, spoken like a true retard.  |
|
|
|
|
|
RB25
|
|
March 25, 2014, 10:02:09 PM |
|
Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
Remember, the more they try to regulate it, the more legitimacy it gets. |
| .BITSONG. |
████
████
████
████
████ ████
████ ████
████ ████
████ ████
████ ████
████ ████ | |
████
████
████
████
████ ████
████ ████
████ ████
████ ████
████ ████
████ ████ | | ██
██
██
██
██ ██
██ ██ ██ ██
██ ██ ██ ██
██ ██ ██ ██
██ ██ ██ ██
██ ██ ██
██ | |
|
|
|
|
Singlebyte
|
|
March 25, 2014, 10:08:55 PM
Last edit: March 25, 2014, 11:02:06 PM by Singlebyte |
|
There is no reasonable way to track this.
Nonsense. All transactions ore visible on the blockchain. Just choose between LIFO and FIFO accounting models, then get to finding the dates of each of your transactions. None of my 2000+ transactions with Cryptsy/BTC-e/Coinbase/Etc are on the blockchain. (Directly associated with me/internal trades) |
|
|
|
|
Alley
Legendary
Offline
Activity: 910
Merit: 1000
|
|
March 25, 2014, 10:10:22 PM |
|
I'm confused. So I bought 10 btc this year. Even if I don't sell them this year am I supose to pay taxes on the increased value for 2014?
|
|
|
|
|
|
FeedbackLoop
|
|
March 25, 2014, 10:12:06 PM |
|
I'm confused. So I bought 10 btc this year. Even if I don't sell them this year am I supose to pay taxes on the increased value for 2014?
Assuming you are in the US or in most other countries with guidance on this: No. |
|
|
|
|
|
LostDutchman
|
|
March 25, 2014, 10:14:59 PM |
|
Does this mean sales tax may be enforced on BTC as well?
It could well mean just that. My $.02.  |
|
|
|
Cred
Newbie
Offline
Activity: 48
Merit: 0
|
|
March 25, 2014, 10:21:22 PM |
|
Sounds like an opportunity for someone to write some wallet software that will keep track of an individual or business's gains and losses and tax liabilities. Possibly tied to the block chain for auditing purposes. It might be an attempt at a cock block but nothing that can't be worked around. It will be interesting to see what happens in contrast to the UK which has pretty much decided it's a currency ( http://www.hmrc.gov.uk/briefs/vat/brief0914.htm). I wonder if London will be taking a lot of BTC business from New York. |
|
|
|
|
|
Klestin
|
|
March 25, 2014, 10:25:57 PM |
|
Does this mean sales tax may be enforced on BTC as well?
It could well mean just that. My $.02. Once again, for those who missed it: Bitcoins are digital goods. Do you pay sales tax on iTunes apps/songs? On Steam digital purchases? I personally don't, and haven't, anywhere I've lived. Generally speaking, sales tax is for physical goods. /ymmv |
|
|
|
|
flounderella
Sr. Member
Offline
Activity: 350
Merit: 250
Bitcoin Evengelist
|
|
March 25, 2014, 10:29:39 PM |
|
All I'm thankful for is I didn't preorder those 1TH+ miners... with the difficulty this high and now daily mining being taxable as ordinary income (and not when btc are sold/exchanged) and with cost of hardware and power, there's no ROI left. IRS has essentially gifted mining to the Chinese.
|
|
|
|
|
|
LostDutchman
|
|
March 25, 2014, 10:35:10 PM |
|
All I'm thankful for is I didn't preorder those 1TH+ miners... with the difficulty this high and now daily mining being taxable as ordinary income (and not when btc are sold/exchanged) and with cost of hardware and power, there's no ROI left. IRS has essentially gifted mining to the Chinese.
One word: Corporations. Watch for my offerings in that regard, coming soon to an internet forum near you. My $.02. |
|
|
|
Peter R
Legendary
Offline
Activity: 1162
Merit: 1007
|
|
March 25, 2014, 10:36:18 PM |
|
All I'm thankful for is I didn't preorder those 1TH+ miners... with the difficulty this high and now daily mining being taxable as ordinary income (and not when btc are sold/exchanged) and with cost of hardware and power, there's no ROI left. IRS has essentially gifted mining to the Chinese.
The only way you'd owe taxes is if you were making income by mining (by definition!). |
|
|
|
leopard2
Legendary
Offline
Activity: 1372
Merit: 1014
|
|
March 25, 2014, 10:45:59 PM |
|
INSANE ... now Americans who did KYC with Gox etc. are in trouble those investing time in local trades are fine, the rest will spend hundreds of hours doing paperwork BureaucraTCoin  Any Bitcoin shops in Tijuana?  |
Truth is the new hatespeech.
|
|
|
flounderella
Sr. Member
Offline
Activity: 350
Merit: 250
Bitcoin Evengelist
|
|
March 25, 2014, 10:55:57 PM |
|
All I'm thankful for is I didn't preorder those 1TH+ miners... with the difficulty this high and now daily mining being taxable as ordinary income (and not when btc are sold/exchanged) and with cost of hardware and power, there's no ROI left. IRS has essentially gifted mining to the Chinese.
One word: Corporations. Watch for my offerings in that regard, coming soon to an internet forum near you. My $.02. Haha  |
|
|
|
|
|
