red87445 (OP)
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August 21, 2014, 05:07:00 AM |
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I'm interested in dealing with Bitcoins, and I read that in the U.S. Bitcoin transactions are subjected to capital gains tax and mining is subjected to income tax. I was wondering if these taxes are actually paid when dealing with Bitcoins or is it just for show and not actually being enforced?
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Nrcewker
Copper Member
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Building my own Dreams!
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August 21, 2014, 05:35:32 AM |
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Does Bitcoin transactions need taxes in the US?
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red87445 (OP)
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August 21, 2014, 05:44:39 AM |
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Thanks for the articles! Now, I'm wondering if anyone is evading these taxes or if for the most part all American Bitcoin users pay for these? I'm not trying to avoid or anything I'm also doing a research paper on this.
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kerimk2
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ACCOUNT BANNED. Email in sig!!
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August 21, 2014, 05:45:31 AM |
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Suckers, this is why I live in Canada eh Sucks so much that you guys have to pay tax on MINING! How the hell are you going to profit now.
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If you need support for AutoPonzi contact: autoponzi@gmail.comWe aren't sure how long the ban is for. We aren't even sure why we are banned. But we'll try figure it out
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lyth0s
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World Class Cryptonaire
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August 21, 2014, 05:45:49 AM |
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I'm interested in dealing with Bitcoins, and I read that in the U.S. Bitcoin transactions are subjected to capital gains tax and mining is subjected to income tax. I was wondering if these taxes are actually paid when dealing with Bitcoins or is it just for show and not actually being enforced?
Yes taxes on Bitcoin as capital gain and mining as income tax is real and needs to be paid unless you'd like to end up in jail over here. As far as it being enforced, the IRS may not have that many tools as of yet, but as time passes they will get better at enforcement and will be sure to tax you up the @$$ for any coins you haven't claimed. I'm sure there are people evading taxes on bitcoin right now, but that obviously is not advised.
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lyth0s
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World Class Cryptonaire
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August 21, 2014, 05:47:54 AM |
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Suckers, this is why I live in Canada eh Sucks so much that you guys have to pay tax on MINING! How the hell are you going to profit now.
I believe there was some update from the IRS recently stating that small at-home style miners didn't have to pay an income tax on them (be sure to verify this though), as their biggest goal was taxing the corporations with the massive amounts of mining power. Mining right now is largely unprofitable for everyone, whether or not they are paying taxes. The few exceptions might be for people with either small rigs in apartments that have free electricity, or places with super-ultra low electricity costs (IE 2-3 cents / KW)
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btcbot
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August 21, 2014, 06:16:38 AM |
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Any idea on how to report divs from BTC-denominated stocks? From my limited research I've learned that private equity no-1099-DIV-issued divs are taxed as long term capital gains, but I can't find anything specifically BTC-related.
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Don't tip me... tip the Riseup folks who protect activists around the world.
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Soros Shorts
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August 21, 2014, 06:46:26 AM |
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Does Bitcoin transactions need taxes in the US?
No more than cash transactions or bartering.
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btmtb
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Scam-Busting PSA: Beware of Black Arrow Software
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August 21, 2014, 06:50:15 AM |
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Suckers, this is why I live in Canada eh Sucks so much that you guys have to pay tax on MINING! How the hell are you going to profit now.
At least that opens up the opportunity to deductions for hardware and electricity.. if you're a Black Arrow pre-order scam customer you might even end up with a rebate (that last bit is tongue in cheek sarcasm)
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Mightycoin
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August 21, 2014, 02:38:14 PM |
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There are many things you can hide from government, including bitcoins. But if they show up, you will have to pay a high penalty.
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itsAj
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August 23, 2014, 06:45:09 PM |
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I'm interested in dealing with Bitcoins, and I read that in the U.S. Bitcoin transactions are subjected to capital gains tax and mining is subjected to income tax. I was wondering if these taxes are actually paid when dealing with Bitcoins or is it just for show and not actually being enforced?
If the IRS can find evidence that you are not reporting all of your income then they will fine you and potentially press criminal charges against you. It is always advisable to follow the law as the ramifications of breaking the law are often great.
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