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Author Topic: Bitcoin is doomed. Thanks IRS!!! You Ass hats!  (Read 19221 times)
J_Dubbs
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March 31, 2014, 10:00:43 PM
 #181

I read a few pages of this thread, and it is obvious most of you have no idea what this actually means.

To give a simple example, it's basically equivalents to require a business (walmart, amazon or mom&pop) OR an individual to file and report EVERY SINGLE bitcoin transaction - what you earned and spent, on schedule D etc.. for capital gain consideration. So if got my paycheck that is 10BTC, spend 0.05BTC on milk, 1BTC on xbox, etc.. i must file each line item detailing the cost basis (usd/btc when i obtained the 10 bitcoin paycheck) and gain/loss (usd/btc) when i spent the said 0.05BTC for milk, xbox etc..

Obviously that can never function.

It effectively in 1 fell swoop destroyed bitcoin as a unit of currency(that can be used for goods/services) in the USA, AND ensures the dollar will never be replaced or lowered in the foodchain.

I guaranteed you companies like overstock and tigerdirect are now having a facepalm moment, consulting their tax attorneys on how to report this mess on their taxes.

It is bad, it removes the main function of bitcoin - as a currency.  Now bitcoin can only be used as a store of value like precious metals, but that only work if people still perceive it has value.  

If you are nervous, you should be. How this all unfolds in the next 12 month will have a material impact on bitcoin and crypto currency as a whole.



Having bitcoin classified as property rather than currency is the best possible scenario.  The capital gains tax rate is 0% for most people.  0%... hard to beat that.

no it's not the best possible scenario, what have you been smoking exactly?

At first your tone threw me off, but yes, agree completely that Bitcoin is basically a huge pain in the ass to mine and spend. All this reporting adds costs to my CPA's billable hours too, nevermind the work I had to put in on spreadsheets. Feels like the fun got sucked right out of BTC.



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March 31, 2014, 10:12:01 PM
 #182

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.
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March 31, 2014, 11:45:06 PM
 #183

Average Joes are not going to have go track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

lol...glad to see some signs of intelligence on here.
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April 01, 2014, 12:28:58 AM
 #184

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

This is actually my personal feeling as well, unfortunately all the paranoia spread and I'm going to make an attempt to be legit. I already regret my decision fwiw. Time and money on CPA to work on this, my own time building spreadsheets, really a crap deal.



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April 01, 2014, 03:36:20 AM
 #185

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

Shhhh. Lips sealed

I prefer it if others offer themselves as sacrifices, it sates the beasts hunger and so lessens the chance of it hunting me.

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April 01, 2014, 04:12:47 AM
 #186

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

Shhhh. Lips sealed

I prefer it if others offer themselves as sacrifices, it sates the beasts hunger and so lessens the chance of it hunting me.

I am thinking it might be best to report at least some if not all. I mean, if you are using Coinbase I'd say it's probably a good idea to report, but maybe you have more than one wallet...



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April 01, 2014, 04:18:29 AM
 #187

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

Shhhh. Lips sealed

I prefer it if others offer themselves as sacrifices, it sates the beasts hunger and so lessens the chance of it hunting me.
this makes me feel better. i was worried that if i spend 50,000$ in a year they might make me pay taxes on it witch i dont think is right

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April 01, 2014, 03:06:42 PM
 #188

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

Shhhh. Lips sealed

I prefer it if others offer themselves as sacrifices, it sates the beasts hunger and so lessens the chance of it hunting me.

I am thinking it might be best to report at least some if not all. I mean, if you are using Coinbase I'd say it's probably a good idea to report, but maybe you have more than one wallet...

Unfortunately I'm now tax exempt, I did have a few coins, but my dog chewed up the cold wallet paper. Embarrassed

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April 01, 2014, 03:36:59 PM
 #189

WOW,
15th april 2014, Game over for China !!!

http://www.theaustralian.com.au/business/latest/china-clamps-down-on-bitcoin/story-e6frg90f-1226871648275

Славься, Отечество наше свободное,
Братских народов союз вековой,
Предками данная мудрость народная!
Славься, страна! Мы гордимся тобой!
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April 01, 2014, 04:31:40 PM
 #190

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.

Shhhh. Lips sealed

I prefer it if others offer themselves as sacrifices, it sates the beasts hunger and so lessens the chance of it hunting me.
this makes me feel better. i was worried that if i spend 50,000$ in a year they might make me pay taxes on it witch i dont think is right

Don't worry, you will pay tax anyway in the form of purchase tax. hmmm tax!

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April 01, 2014, 06:27:18 PM
 #191


Unfortunately I'm now tax exempt, I did have a few coins, but my dog chewed up the cold wallet paper. Embarrassed


LOL @ my dog ate my bitcoins

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April 01, 2014, 06:31:58 PM
 #192

maybe this was mentioned earlier but what if my bitcoins were stolen? Does this IRS ruling mean the police will investigate the theft of my property?
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April 01, 2014, 06:44:43 PM
 #193

maybe this was mentioned earlier but what if my bitcoins were stolen? Does this IRS ruling mean the police will investigate the theft of my property?
If you were hacked across state lines, I don't see why you couldn't ask the FBI's computer crime division to get involved.
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April 01, 2014, 06:46:44 PM
 #194

Furthermore, if I have this taxable property shouldn't I get it insured? Yea, like that will go over.
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April 01, 2014, 07:42:44 PM
 #195

This is after all an electronic "smart currency"...it seems to me that there will be electronic solutions to this problem which will make the necessary record keeping required for most Bitcoin users rather invisible.
Oh yes. The same Silicon Valley companies who were overjoyed to sell their customers' privacy down the river will be rushing to solve this problem too.

They will.  They might not care about bitcoin, but they are dead serious about being big players in cryptocurrencies and the IRS regulation applies to all cryptos.
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April 01, 2014, 07:51:09 PM
 #196

maybe this was mentioned earlier but what if my bitcoins were stolen? Does this IRS ruling mean the police will investigate the theft of my property?

"My coins were stolen and the thief keeps sending me computers and appliances to my home, I don't know how to stop him"
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April 01, 2014, 08:04:36 PM
 #197

maybe this was mentioned earlier but what if my bitcoins were stolen? Does this IRS ruling mean the police will investigate the theft of my property?

"My coins were stolen and the thief keeps sending me computers and appliances to my home, I don't know how to stop him"

I'm pretty sure the IRS would like a list of all those computers and appliances and would think they deserve a piece of it.
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April 01, 2014, 08:18:02 PM
 #198

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.
I think your right for right now. But this is a dangerous path to take. A few years from now the IRS may have resources that make it very easy to associate you with your bitcoins. They may audit you and if they discover in previous years that you have not paid gains then you will owe the principal + interest + fines. It is even possible that you are jailed for tax evasion. Such penalties could be far higher than your profits and you may end up loosing a lot money.

Anyone who wants to try tax evasion should be aware of this and understand the financial risk you are taking by hiding profits from the IRS.

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April 01, 2014, 08:42:40 PM
 #199

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.
I think your right for right now. But this is a dangerous path to take. A few years from now the IRS may have resources that make it very easy to associate you with your bitcoins. They may audit you and if they discover in previous years that you have not paid gains then you will owe the principal + interest + fines. It is even possible that you are jailed for tax evasion. Such penalties could be far higher than your profits and you may end up loosing a lot money.

Anyone who wants to try tax evasion should be aware of this and understand the financial risk you are taking by hiding profits from the IRS.

You are soo helpful pointing this out. I am sure there is a nice couch in heaven reserved for you.


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April 01, 2014, 08:58:35 PM
 #200

Average Joes are not going to have to track all there btc spending.  IRS has no way of tying you to a anonymous bitcoin address.  Nor do they want to waste time on it.  Pull your head out of your ass.
I think your right for right now. But this is a dangerous path to take. A few years from now the IRS may have resources that make it very easy to associate you with your bitcoins. They may audit you and if they discover in previous years that you have not paid gains then you will owe the principal + interest + fines. It is even possible that you are jailed for tax evasion. Such penalties could be far higher than your profits and you may end up loosing a lot money.

Anyone who wants to try tax evasion should be aware of this and understand the financial risk you are taking by hiding profits from the IRS.

You are soo helpful pointing this out. I am sure there is a nice couch in heaven reserved for you.

Seriously, instead of sniping at people that wish to comply with IRS laws and stay out of jail, why don't you make a guide called "the tax evader's guide to using bitcoin and not getting caught" which would actually be useful for some people.   Then keep the philosophical arguments about paying/not paying taxes in the Politics & Society subforum.





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