Bitcoin Is Property Not Currency

[Pockets]

Does this mean sales tax may be enforced on BTC as well?

[halfawake]

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.

[marcus_of_augustus]

Tax slaves meet CoinJoin, stealth addressing?

[Dafar]

Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin

[tins]

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]

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]

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]

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]

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.

[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]

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]

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]

Does this mean sales tax may be enforced on BTC as well?

It could well mean just that.

My $.02.

[Cred]

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]

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]

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]

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]

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]

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? 

[flounderella]

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