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Question: When does Bitcoin become your property?
After 6 confirmations in a wallet address that you own the keys to.
The moment it's mined on your pool mining account or purchased on an exchange.

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Author Topic: When does Bitcoin become your property?  (Read 1582 times)
indeed
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March 30, 2014, 06:42:15 PM
 #21

Pay your taxes like the obedient slave you are.

there, fixed it for ya! no prob brah!
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March 30, 2014, 06:47:15 PM
 #22

If I have a lot of BTC, I would be converted into cash. Grin Grin

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March 31, 2014, 06:04:55 PM
 #23

You can also avoid converting bitcoin to USD through exchanges that needs your passport (more risk) to avoid all the taxes as they'll have no way to associate that bitcoin address with you.
You're right, there is no way the IRS will bitcoin address with your link.


I just dont see how this can be enforced.
Exactly what this guy says, How can they prove how much you mined or not?
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March 31, 2014, 07:06:44 PM
 #24

It doesn't matter... to anyone in UK, where its been decided it will be treated as foreign currency  Grin.  Sry, cant resist a bit of sniggering at all this, you guys across the pond kicked over taxation but seem to be left with the oddest, harshest tax system around - that's some achievement.


I actually wanted to point out the options are pretty acedemic.  They wont care if you owned it at 4:30pm or 5:20pm, they'll just want a value noted for the days market price.  if its over midnight... that might cause you some problems if there's a sudden spike or crash.  I'd confidently predict any judge would rule option two, when you mined/purchased as you done so with the full expectation that the confirmations would occur.  Its also the first point at which ownership can be said to occur.
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March 31, 2014, 07:21:23 PM
 #25

It doesn't matter... to anyone in UK, where its been decided it will be treated as foreign currency  Grin.  Sry, cant resist a bit of sniggering at all this, you guys across the pond kicked over taxation but seem to be left with the oddest, harshest tax system around - that's some achievement.


I actually wanted to point out the options are pretty acedemic.  They wont care if you owned it at 4:30pm or 5:20pm, they'll just want a value noted for the days market price.  if its over midnight... that might cause you some problems if there's a sudden spike or crash.  I'd confidently predict any judge would rule option two, when you mined/purchased as you done so with the full expectation that the confirmations would occur.  Its also the first point at which ownership can be said to occur.

America lost it way when the baby boomers demanded the next generation to pay for their free crap.

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March 31, 2014, 07:29:56 PM
 #26

it's yours after 1 bloody confirmed transaction, whenver that is (hopefully 1 confo)

i am here.
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March 31, 2014, 08:07:41 PM
 #27

It doesn't matter... to anyone in UK, where its been decided it will be treated as foreign currency  Grin.  Sry, cant resist a bit of sniggering at all this, you guys across the pond kicked over taxation but seem to be left with the oddest, harshest tax system around - that's some achievement.


I actually wanted to point out the options are pretty acedemic.  They wont care if you owned it at 4:30pm or 5:20pm, they'll just want a value noted for the days market price.  if its over midnight... that might cause you some problems if there's a sudden spike or crash.  I'd confidently predict any judge would rule option two, when you mined/purchased as you done so with the full expectation that the confirmations would occur.  Its also the first point at which ownership can be said to occur.


these taxes needed to pay off the national debt it's not so bad we are leveraged! ;-) lollll

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March 31, 2014, 10:33:31 PM
 #28

When in doubt, whichever interpretation makes you owe the most tax the earliest is always correct.

Not just correct, but you will be liable for chosing the other.
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March 31, 2014, 10:38:25 PM
 #29

im so dissapointed with all this irs and tax stuff and bitcoin i really didnt see taxing getting involved with bitcoin ever

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BBmodBB
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March 31, 2014, 11:56:31 PM
 #30

im so dissapointed with all this irs and tax stuff and bitcoin i really didnt see taxing getting involved with bitcoin ever


the new corporations riding on the coatails of the bitcoin boom DEMANDED clarification so it fits into the current framework of the SEC and IRS and etc etc inside the beltway pencil pushers need to get paid right? lollzzz =)

*BTCitcoin Wales Club*-- message me for details!--///\\\TELEKINETICS///\\can manipulate objects with their mind. Telekinesis is one of the basis of many superpowers that are based on "controlling/manipulating", it may evolve to the point that a Telekinetic can control anything at a subatomic level.
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