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Author Topic: IRS says we are are criminals now  (Read 2653 times)
Searing
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June 11, 2014, 01:29:09 PM
 #41

Although it's obvious quite a few people will be ignoring this and continuing on paying for things in btc and not giving it a second thought, this does pose a problem for quite a few people who plan to do it the legal way. What needs to happen is a wallet that fully integrates the IRS guidelines and automates whatever requirement they have so that you can simple include that part of your taxes with the full report. I expect there will be a sizable market for a wallet like that and whoever can implement it effectively will get the first shot at the market of people who plan to follow the IRS's regulations.

Well from what i understand congress (hearings the summer of 2013) treasury SEC were/are somewhat 'miffed' with the land analogy that the IRS used for guidelines....but being an election year likely nothing will get done till after Nov or prob spring of 2015..up to that point ..it was just pay taxes on coin you use on capital gains more or less ..and being USA it is the tax payers responsibility to be honest on such..ie like stocks and bonds..your risk to buy....sell capital gains (or tax credit for capital loss) ..don't sell at all ...don't have to do any tax.

with congress and the above wanting btc to be treated like a modified currency..well the IRS guidelines thru that out the window imho
and imho came out of left field as far as the congress hearings were concerned...if we did not have such a 'dysfunctional congress" these days it likely would have been addressed already ..alas that an't gonna  happen soon in my view.

also seems to me some back room clout by ..dare i say....interests who wanted to 'stifle' bitcoin? I mean 20 days before USA persons taxes are due you are to report ALL btc you own and pay taxes on it before taxes due...i mean really....keep track and document every btc transaction you have ever done and do capital gains on it ..jeez

so again i suspect it will 'evolve' back to you buy equip it is your risk (no more deductions .) er maybe ..just thought them giant PH farms may have enough clout to keep that in..hmmmm...anyway and if you 'spend the coin" like 'selling a stock" you pay capital gains..which again is up to the individual to keep track of or suffer consequences with IRS etc

this whole land/keep track of each bitcoin capital gain you ever made etc etc will all go away imho

but again only giant PH farms by 2015 anyway imho...and again I have a hard time believing the IRS is gonna let such farms 'mine' btc (ie $$$) out of 'air' and not tax them 25% of gross income.....that would be the line I think the IRS will not cross..thus mining will go overseas to say Belize? Denmark? where they would want the $$$ to flow in country and be a bitcoin hub again imho

hmmm.....looking at above PH farms etc...maybe they will keep equip deductions too....not sure how that will work out ..

anyway home mining for btc at least if you look at difficulty vs what you can get for btc vs just buying btc is prob dead

moving on to alt coins (have to make my nut for the IRS don't ya know heh) me always being the tail end of the dog
that will also go 'odd' as soon as I touch an alt miner (its a gift)

anyway what do I know I sure did not see the current IRS guidelines (the weird parts stated above) pop'ing up 20 days before Tax day...

who knows?

Searing

(just my 'hopeful' guesses?)


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GigaBit
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June 12, 2014, 01:05:15 PM
 #42

This was a rudimentary set of laws created by senile old men and women who still use rotary phones without touch tone and have a cassette tape answering machine.

You can't borrow a set of laws from Gold because it's NOT gold nor property and was never created to be as such.  That was just sheer laziness, seriously.  So, I'll be lazy and not report then.  Government is supposed to set an example for the population and if they're lazy, they can't blame their population from being lazy too, it's the lazy lieberal way.

I don't live in the US but if I did, I wouldn't report it, get it done right, THEN, I'll report it.  That's why there's no laws in Canada, I told them if they didn't get it right I wouldn't pay anyways.  Or I'd report the currency from every video game that I play, anywhere from Drebin Points to C&C Funds.  Yeah, makes no sense to report video game money, so I don't report it especially if I don't cash out.

Essentially, governments can put any laws they want but if people refuse to follow them and police refuse to enforce them, they system worked.  I also read somewhere that Poland was taxing miners 28%...  THAT is ridiculous and I would be willing to bet no one reports their earnings too.

If you never filed taxes, they'd likely never know you exist.

However, the last ditch effort would be to open a company overseas and claim you rent your home to a foreign mining corporation, this way you only get taxed on rent and not Bitcoin income. 

-The government rulebook is purposely left open for exploitation.  They pray you don't find out.

-I'd rather be mining
ShakyhandsBTCer
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June 13, 2014, 03:08:24 AM
 #43

Although it's obvious quite a few people will be ignoring this and continuing on paying for things in btc and not giving it a second thought, this does pose a problem for quite a few people who plan to do it the legal way. What needs to happen is a wallet that fully integrates the IRS guidelines and automates whatever requirement they have so that you can simple include that part of your taxes with the full report. I expect there will be a sizable market for a wallet like that and whoever can implement it effectively will get the first shot at the market of people who plan to follow the IRS's regulations.

The IRS is going to have a very difficult time enforcing capital gains on BTC, especially with relatively small users.

IMO they will likely focus their attention on people who have made a lot of money with BTC and are buying things like cars and houses with BTC, but their "day job" income would not support these purchases.
Malok
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June 13, 2014, 10:14:02 PM
 #44

Definitely can expect this to be tied up in the courts for years.  (And realistically, the IRS is stretched fairly thin as is....trying to enforce this would be quite difficult.)
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June 13, 2014, 11:09:32 PM
 #45

Definitely can expect this to be tied up in the courts for years.  (And realistically, the IRS is stretched fairly thin as is....trying to enforce this would be quite difficult.)

It probably will not end up in courts, it will likely be more of a political battle.

The IRS will likely go after "big fish" that they think are cheating the system.

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