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Author Topic: Keeping Track of Pool Payouts  (Read 787 times)
MinorError
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March 25, 2014, 08:40:53 PM
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How are you guys planning on keeping track of pool payouts for tax purposes? If I understand the tax code correctly, we have to keep track of every exchange of BTC AND the USD equivalent of the BTC value at the time that the transaction occured.

So, if you're mining, and you get paid out once a day, are you going to look up the current asking price of BTC and jot it down next to how many BTC's you were paid out that day? Also, from what I understand, if I sold Bob a pair of socks for one BTC, and that BTC was worth $1 at the time, but then when I went to do my taxes the BTC was worth $2 at the time, then according to the IRS I made a capital gain of $1 (on top of the $1 that I sold the socks for). Is this at all feasible?

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MinorError
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March 25, 2014, 09:07:17 PM
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For those that haven't seen the recent IRS announcement:

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is really shitty news for those of us in the U.S. And for Bitcoin in general.
zzojar
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March 26, 2014, 11:44:41 PM
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For those that haven't seen the recent IRS announcement:

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is really shitty news for those of us in the U.S. And for Bitcoin in general.

Maybe, but good news for litecoin and dogecoin. Since treating btc like property rather than currency (like the IRS is pushing ... and of course the international bankers are behind this), then it will only promote the increased use of litecoin to act as the "currency".
MashRinx
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March 27, 2014, 12:55:21 AM
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For those that haven't seen the recent IRS announcement:

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is really shitty news for those of us in the U.S. And for Bitcoin in general.

Maybe, but good news for litecoin and dogecoin. Since treating btc like property rather than currency (like the IRS is pushing ... and of course the international bankers are behind this), then it will only promote the increased use of litecoin to act as the "currency".

The guidance never uses the word bitcoin, specifically.  It says "virtual currencies" and, if I remember correctly, E-Currencies.  I don't see any reason to think Litecoin, Dogecoin or any other alternate crypto currency would be considered any different.
MinorError
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March 27, 2014, 01:14:58 AM
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For those that haven't seen the recent IRS announcement:

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is really shitty news for those of us in the U.S. And for Bitcoin in general.

Maybe, but good news for litecoin and dogecoin. Since treating btc like property rather than currency (like the IRS is pushing ... and of course the international bankers are behind this), then it will only promote the increased use of litecoin to act as the "currency".

The guidance never uses the word bitcoin, specifically.  It says "virtual currencies" and, if I remember correctly, E-Currencies.  I don't see any reason to think Litecoin, Dogecoin or any other alternate crypto currency would be considered any different.

Yea this will effect all crypto currencies. Not just bitcoin.
sbabe
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March 27, 2014, 07:33:34 AM
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It is actually good news.It will legalize cryptocoins. So people will get more awareness more people buy cryptocoins. So the price will increase.
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June 15, 2014, 12:22:26 AM
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For those that haven't seen the recent IRS announcement:

http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is really shitty news for those of us in the U.S. And for Bitcoin in general.

Maybe, but good news for litecoin and dogecoin. Since treating btc like property rather than currency (like the IRS is pushing ... and of course the international bankers are behind this), then it will only promote the increased use of litecoin to act as the "currency".

The guidance never uses the word bitcoin, specifically.  It says "virtual currencies" and, if I remember correctly, E-Currencies.  I don't see any reason to think Litecoin, Dogecoin or any other alternate crypto currency would be considered any different.

It would actually decrease the value of the alt-coins as the reporting requirements are much higher now but there are still no uses for them.
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