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Author Topic: IRS's new guidelines for taxing crypto-currencies  (Read 1661 times)
keithers
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May 20, 2014, 04:26:10 AM
 #21

With how fresh these IRS guidelines are, I  wondering if anyone has been ballsy enough to try and write off the 3k in losses that you could theoretically claim against your income?
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May 20, 2014, 11:52:40 AM
 #22

Because cryptocurrency is only as valuable as the owners deem it to be, what if I dont value my bitcoins?
Sure I might have a few thousand... but compared to my buyin, thats only a few thousand dollars...

IRS doesn't tax stocks, why do they have to tax BitCoins? BitCoins is not only a stock, but one based off no tangible commodity.

The IRS needs to do its real job and get back to the matter at hand...
We have millions of other tax evaders, go after them... not us
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May 20, 2014, 01:31:07 PM
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BaFin in Germany does as IRS  Grin
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May 20, 2014, 04:41:32 PM
 #24

They won't be able to do it, not easily at least. Sure, they can track when you exchanged the bitcoins, but it will be impossible to determine the exact value it was traded it.
How do they determine the value in other situations? Just strictly what it goes in USD?

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keithers
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May 21, 2014, 03:21:04 AM
 #25

Because cryptocurrency is only as valuable as the owners deem it to be, what if I dont value my bitcoins?
Sure I might have a few thousand... but compared to my buyin, thats only a few thousand dollars...

IRS doesn't tax stocks, why do they have to tax BitCoins? BitCoins is not only a stock, but one based off no tangible commodity.

The IRS needs to do its real job and get back to the matter at hand...
We have millions of other tax evaders, go after them... not us

The IRS absolutely taxes stocks. Capital gains (short or long term)
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May 21, 2014, 04:05:35 PM
 #26

Because cryptocurrency is only as valuable as the owners deem it to be, what if I dont value my bitcoins?
Sure I might have a few thousand... but compared to my buyin, thats only a few thousand dollars...

IRS doesn't tax stocks, why do they have to tax BitCoins? BitCoins is not only a stock, but one based off no tangible commodity.

The IRS needs to do its real job and get back to the matter at hand...
We have millions of other tax evaders, go after them... not us

The IRS absolutely taxes stocks. Capital gains (short or long term)

People here don't understand US taxes, which means they are either not from the US or they're just kids and their parents do their taxes.

Little known tax fact: Actor Wesley Snipes was imprisoned for failure to pay his taxes.

Al Capone was a known criminal involved in bootlegging, prostitution, and personally murdering many people. The only crime he was sentenced for was failure to pay taxes on his illegal criminal enterprise. Had he filed an annual tax return he may have never been jailed. Could you imagine the line items on his return? Line 1: $5 million for illegal Gin. Line 2: $1.5 million for selling pussy. Line 3: $2.3 million for illegal casino profit. LOL

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