|
March 25, 2014, 08:40:53 PM |
|
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?
|