IRS protest

[tanger]

Is it possible to give IRS more work than they want. What if you buy lots and lots of chep things (micropayments is a feature of bitcoin we want to keep) or just move bitoins back and forth between different wallets and report every single transaction individualy. Then send these thousands of small transactoins of cents or less to IRS to handle. Since this is possible with bitcoin what would happen.

I' m lucky not to be a US sitizen.

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[principalg1]

I also feel lucky.

[BITCOIN-PIZZA-DAY]

If we spam the blockchain into the yottabyte range by churning transactions they can't enforce their laws anymore without spending gazillion dollars.

All we have to do is implement a raid system for the blockchain?

[amspir]

Is it possible to give IRS more work than they want. What if you buy lots and lots of chep things (micropayments is a feature of bitcoin we want to keep) or just move bitoins back and forth between different wallets and report every single transaction individualy. Then send these thousands of small transactoins of cents or less to IRS to handle. Since this is possible with bitcoin what would happen.

I' m lucky not to be a US sitizen.

That really doesn't work.   Paying taxes is mostly by voluntary reporting.   When you file a tax return, you will report your gains in one line on the tax return, in the dividend section, maybe two if you have long term gains.

If the IRS audits you (a low probability event), then you would supply the records supporting that claims you made on the return.   The IRS will see larger transactions reported (over $600) just as if you used cash.  If they don't match up, then you have an issue with the IRS.

The IRS really isn't going to care about all of your small transactions, and you would only need to show them if you get audited.

[franky1]

Is it possible to give IRS more work than they want. What if you buy lots and lots of chep things (micropayments is a feature of bitcoin we want to keep) or just move bitoins back and forth between different wallets and report every single transaction individualy. Then send these thousands of small transactoins of cents or less to IRS to handle. Since this is possible with bitcoin what would happen.

I' m lucky not to be a US sitizen.

is it possible that your all squirming over nothing...

the IRS does not give a crap about very purchase of coffee at starbucks. in reality ask yourself this
if someone put $10 into a birthday card, would yo report it to IRS as extra income
if your boss bought you a coffee a bagal each morning, would you claim that to the IRS
if our boss asked you to travel to the next town, and he gave you $20 for fuel to get there. would you claim that.
if your grandma knitted you a item of clothing, would you claim that
if your loving partner bought a mail and shared it with you,would you claim that.
blah
blah
blah

the IRS does not give a crap about the little 'disposible' incomes and possessions. they care about the higher price stuff. so before you go cry like a baby that you have to fill in tax returns. because most complainers sound like they are not old enough to have ever done one before... go speak to an accountant.

then you will see that for tax purposes, we always knew that making a profit will involve declaring profits when cashing out to FIAT. the only difference is that IRS has declared that bitcoin isnt simply monopoly money. but something of value, that stores value. and when selling it, its worth taxing. much like your car or artwork.

the IRS news is good. not bad.

[franky1]

That really doesn't work.   Paying taxes is mostly by voluntary reporting.   When you file a tax return, you will report your gains in one line on the tax return, in the dividend section, maybe two if you have long term gains.

If the IRS audits you (a low probability event), then you would supply the records supporting that claims you made on the return.   The IRS will see larger transactions reported (over $600) just as if you used cash.  If they don't match up, then you have an issue with the IRS.

The IRS really isn't going to care about all of your small transactions, and you would only need to show them if you get audited.

+21m

good timing too,
atleast someone else gets it

[tanger]

Is it possible to give IRS more work than they want. What if you buy lots and lots of chep things (micropayments is a feature of bitcoin we want to keep) or just move bitoins back and forth between different wallets and report every single transaction individualy. Then send these thousands of small transactoins of cents or less to IRS to handle. Since this is possible with bitcoin what would happen.

I' m lucky not to be a US sitizen.

is it possible that your all squirming over nothing...

the IRS does not give a crap about very purchase of coffee at starbucks. in reality ask yourself this
if someone put $10 into a birthday card, would yo report it to IRS as extra income
if your boss bought you a coffee a bagal each morning, would you claim that to the IRS
if our boss asked you to travel to the next town, and he gave you $20 for fuel to get there. would you claim that.
if your grandma knitted you a item of clothing, would you claim that
if your loving partner bought a mail and shared it with you,would you claim that.
blah
blah
blah

the IRS does not give a crap about the little 'disposible' incomes and possessions. they care about the higher price stuff. so before you go cry like a baby that you have to fill in tax returns. because most complainers sound like they are not old enough to have ever done one before... go speak to an accountant.

then you will see that for tax purposes, we always knew that making a profit will involve declaring profits when cashing out to FIAT. the only difference is that IRS has declared that bitcoin isnt simply monopoly money. but something of value, that stores value. and when selling it, its worth taxing. much like your car or artwork.

the IRS news is good. not bad.

Just a question.

Hopefully the outcome of the ruling will be a positiv one for bitcoin. So far the value hasn't dropped and along the way we always new it had to become a piece of the economical society before wider acceptance.

Regardless if handled as a currency or commodity it has to keep evolving and I do also believe this could be positiv in most ways and what bitcoin needed to go forward and continue to grow.

Lets hope for a reasonable stans.

[Beliathon]

You don't protest the IRS. Government doesn't give a fuck about your protests.

You ignore them, you transcend them, you invent your way out of the slave-labyrinth they have designed for you.

And you never look back.

[jc01480]

I fully expect another government agency to step forward and announce a completely contradictory opinion than those issued so far.  Hell, did you expect anything less from a bloated rotting bureaucracy?     

[Beliathon]

I fully expect another government agency to step forward and announce a completely contradictory opinion than those issued so far.  Hell, did you expect anything less from a bloated rotting bureaucracy?    

QFT, don't worry about the US government, their entire economy is a house of fucking cards.

Just wait for that shit to collapse and those clowns will be dancing for satoshis in the street.



Related: Dead Dollar Walking: The Truth About Government Debt (Stefan Molyneux)