When does Bitcoin become your property?

[indeed]

Pay your taxes like the obedient slave you are.

there, fixed it for ya! no prob brah!

[lppeu]

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

[Boris-The-Blade]

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?

[pening]

It doesn't matter... to anyone in UK, where its been decided it will be treated as foreign currency  .  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.

[Noruka]

It doesn't matter... to anyone in UK, where its been decided it will be treated as foreign currency  .  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.

[Bitcoin Magazine]

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

[BBmodBB]

It doesn't matter... to anyone in UK, where its been decided it will be treated as foreign currency  .  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

[greenlion]

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.

[durrrr]

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

[BBmodBB]

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 =)