Petition to request the IRS change Bitcoin tax ruling - PLEASE READ!

[achtung082]

It really isn't that bad. As long as you don't cash out, there is nothing to worry about - as far as I know.

Or mine it or transact with it.

Who would sign a petition that say I have BTC, please audit me?

There is something wrong with society when we are afraid to speak our minds out of fear of the very people that are supposed to work for us. Any historians want to chime in?

The whole concept of being afraid to let on that you have bitcoin (or other coins) for fear of drawing the IRS' attention is absurd. Here's an idea - don't cheat on your taxes. Then you have nothing to worry about. Even if they did have a special list of people who signed petitions or talked about bitcoin online etc and they were checking it against tax records, if they see you reporting other income/capital gains then why would they audit you unless there seemed to be a discrepancy?

The real problem is we still have 1000s of retards with the "durrr bitcoin is magic money with no taxation durrrr..." idea stuck in their heads.

I am already fully expecting an audit as everything is in this return and they still owe me, so that's not my concern.

 

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[cryptoanarchist]

Why not ask them for evidence that their rules even apply?

[redwhitenblue]

It really isn't that bad. As long as you don't cash out, there is nothing to worry about - as far as I know.

The problem with the IRS regulations is that it prevents other people from adapting BTC.

If you do not own/use BTC as of now and would have to keep records of how much you pay for BTC and the value of goods/services that you buy with BTC and pay taxes on any gains (and take a deduction on any losses) then you have little incentive to use Bitcoin.

The more people that use Bitcoin, generally the higher the long term price will be.

[Ron~Popeil]

Why not ask them for evidence that their rules even apply?

This! Unless specifically asked I will never refer to bit coins in any dealings with government.