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Author Topic: Bitcoin is doomed. Thanks IRS!!! You Ass hats!  (Read 19160 times)
RobFordWotWot
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April 11, 2014, 02:14:49 AM
 #241

I'm going to expatriate when they tax my coins.

They already have but don't panic!

I have at least a partial solution!

My $.02.

Wink

Eh. I still say anybody worth their salt should just relocate their gigantic farms to one of the many islands that do not care about (designed for) tax evasion.

Horses in midstream.
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williamj2543
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April 11, 2014, 02:20:55 AM
 #242

The IRS is probably going to find the bitcoin core developers and somehow make the transaction fee 10x more than the amount sent, then that transaction fee doesn't go to miners, it will go to the greedy idiots at the IRS.

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LostDutchman
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April 11, 2014, 02:23:30 AM
 #243

The IRS is probably going to find the bitcoin core developers and somehow make the transaction fee 10x more than the amount sent, then that transaction fee doesn't go to miners, it will go to the greedy idiots at the IRS.

Well now that one may get you The Tinfoil Hat nomination!

My $.02.

Wink

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serenitys
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April 11, 2014, 02:23:54 AM
 #244

The IRS is probably going to find the bitcoin core developers and somehow make the transaction fee 10x more than the amount sent, then that transaction fee doesn't go to miners, it will go to the greedy idiots at the IRS.

https://www.youtube.com/watch?v=yWTQgmCuiCw

You say "anti government" like that's a bad thing...

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williamj2543
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April 11, 2014, 02:25:04 AM
 #245

I'll eat my tinfoil hat if im wrong, you have my word

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LostDutchman
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April 11, 2014, 02:39:28 AM
 #246

I'll eat my tinfoil hat if im wrong, you have my word

Good one!

I'll hodl you to that one!

My $.02.

Wink

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richiep41
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April 15, 2014, 09:50:06 PM
 #247

I will be starting a thread challenging the IRS to declare what I owe them in bitcoin capital gains. I want to prove to everyone that they don't have a clue.


Really? I think anyone that's familiar with including gains/losses on their tax return would find it pretty easy; and for anyone thats never done capital gains/losses would find it about the same difficulty as manually entering your 1099-D. I had to enter values from a 1-K from an LLC this year, now that was rough.
If you haven't kept records or have 1000's of trades and never looked at how much you've gained/lost then it might be cumbersome.

I haven't looked over the specifics of mining and how that applies though.
Have you asked anyone for help?

I think there are a ton of unanswered question with this ruling. For example, what if I buy one BTC at Coinbase this month for $500, move the coins to a wallet next month when they are worth $600, and finally move them back coinbase next year to sell them, when would I pay tax on them? To follow the blockchain as some people suggest, I'd be paying the tax every time I moved them. But that is crazy. If I buy a $5,000 Soyer painting, and I find out it's now worth 10k, I don't pay a tax on that gain because I moved it to a more secure room.
Pocatello
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April 15, 2014, 10:03:03 PM
 #248

To me, it would make more sense to classify bitcoin as a commodity.

It was always eventually to be taxed as either a currency exchange or as as asset. Both introduce challenges in terms of record keeping...but actually treating it as a currency would likely be more complicated for most people and in many cases not nearly as advantageous financially when time comes to pay the tax.

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.

Love sharecoin: SiH7HFixnEYubUsHKLha6rVLEMvcMLTdxf
richiep41
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April 15, 2014, 10:17:01 PM
 #249

The problem is, the Feds love love love to do social engineering via the tax code. Give the masses and incentive to do this, and a disincentive to do that. We all know they are going to tax it, just as we know they are going to regulate it (it there anything they just let be? no) I think the worst thing that can happen is we let them pass tax policies that work against it, say for example moving it around from wallet to wallet as I said in my example above.   
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April 15, 2014, 11:52:14 PM
 #250

IRS did bitcoin a great favor by mitigating regulatory uncertainty.  Now let this thread die please.

cryptoanarchist
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April 16, 2014, 12:02:15 AM
 #251

As promised:

https://bitcointalk.org/index.php?topic=572437
tunafish
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April 16, 2014, 05:37:14 AM
 #252

I will be starting a thread challenging the IRS to declare what I owe them in bitcoin capital gains. I want to prove to everyone that they don't have a clue.


Really? I think anyone that's familiar with including gains/losses on their tax return would find it pretty easy; and for anyone thats never done capital gains/losses would find it about the same difficulty as manually entering your 1099-D. I had to enter values from a 1-K from an LLC this year, now that was rough.
If you haven't kept records or have 1000's of trades and never looked at how much you've gained/lost then it might be cumbersome.

I haven't looked over the specifics of mining and how that applies though.
Have you asked anyone for help?

I think there are a ton of unanswered question with this ruling. For example, what if I buy one BTC at Coinbase this month for $500, move the coins to a wallet next month when they are worth $600, and finally move them back coinbase next year to sell them, when would I pay tax on them? To follow the blockchain as some people suggest, I'd be paying the tax every time I moved them. But that is crazy. If I buy a $5,000 Soyer painting, and I find out it's now worth 10k, I don't pay a tax on that gain because I moved it to a more secure room.

It doesn't really matter until the coins are converted back into cash.
In the scenario you describe I'm assuming you purchased them 1/1/2014 for $500, then a year later sell them for (lets say) $900. If you are: single and not head of household and earn <$36k, single head of household and earn <$48k, married and earn <$72k then your liability in each case is zero. Now if your over those but under $400k your liability on that $400 profit would be $40. It really doesn't matter how much its worth when its moved around or just sits in a wallet, for tax purposes those are unrealized gains and have no liability. It's once you sell it for USD that matters. So you'd pay the tax on your 2015 tax return, if you are rich enough (and hey maybe you are mr. $5000-paintings-in-secure-rooms ;P)


All that aside, in most cases not reporting bitcoin profits doesn't really matter since the IRS doesn't have alot of resources you really only have to worry about claiming bitcoin earnings if you are making serious money off it, any good accountant will tell you the same thing.

Feeling generous?
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April 16, 2014, 04:57:33 PM
 #253

I agree - by the time the irs figures out bitcoin's actual potential, the rest of the world will have also figured it out and adopted it in whole or in part, and the government really doesn't have the resources to enforce it. I'm not going to worry about it and probably won't have to for awhile anyway because right now, I'm only a hundredaire.  Grin


It was kind of cool seeing my $400 turn into $500+ without doing any manual labor short of figuring out where the bitcoinwisdom site was again. 


You say "anti government" like that's a bad thing...

Unfortunate times will bring out the best in good people and the worst in bad people
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