Bitcoin is doomed. Thanks IRS!!! You Ass hats!

[g4c]

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.

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

[1714865742]

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[1714865742]

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[1714865742]

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[J_Dubbs]

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.

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...

[durrrr]

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.

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

[g4c]

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.

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.

[igorr]

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

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

[g4c]

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.

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!

[Peter R]

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

LOL @ my dog ate my bitcoins

[curt.rowland]

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?

[amspir]

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.

[curt.rowland]

Furthermore, if I have this taxable property shouldn't I get it insured? Yea, like that will go over.

[vqp]

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.

[vqp]

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"

[curt.rowland]

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.

[RodeoX]

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.

[Erdogan]

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.

[amspir]

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.

[Erdogan]

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.

Nah - it's classified.

[zero3112]

It's not illegal. That's good news.

Remember, the IRS only taxes Americans. There are 248 nations.

Ya but thats all american citizens even ones not living in america but living abroad too. Even american citizens that are residents of other countries who are not even living in america anymore still have to pay taxes for being an american citizen and being born in america. Its such a burden and penalty to be an american citizen your taxed everywhere even outside of america.

[tvbcof]

It's not illegal. That's good news.

Remember, the IRS only taxes Americans. There are 248 nations.

Ya but thats all american citizens even ones not living in america but living abroad too. Even american citizens that are residents of other countries who are not even living in america anymore still have to pay taxes for being an american citizen and being born in america. Its such a burden and penalty to be an american citizen your taxed everywhere even outside of america.

Well then they can renounce their citizenship if they can find another country that will take them and quit bitching about it.  Until then it's my tax dollars that bail their asses out when they go running to the American consulate or whatever.

[aztecminer]

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

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

yeah usa tax day .. what a coincidence .