Thanks for the replies.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
pay me $50 then:
if you trade bitcoins you should use same tax model as when trading currencies, or buying/selling stock market commodities, your profit is taxed
if you mine bitcoins you need to own a company cause mining expenses cannot be substracted from your profit...
As long as bitcoins aren't recognised as a currency,why worry about tax? I'd say,sit back and njoy the ride.
pubic hair is not recognized either, but if you buy low and sell high, you make profit, profit is taxable...