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Bitcoin Forum > Economy > Economics > So I'm staring at the MtGox 3 page post card, the loss, and IRS 2014
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Author Topic: So I'm staring at the MtGox 3 page post card, the loss, and IRS 2014  (Read 1001 times)
soy (OP)
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December 04, 2014, 05:05:24 PM
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Any opinions as to the safest way to apply the MtGox loss to this year's income tax?  Perhaps a wash sale/repurchase of all BTC and apply the loss?
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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sl@ppy
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December 04, 2014, 10:17:26 PM
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Interesting question. I know the IRS is planning a BTC area for tax. Maybe simply calling and asking, they have always been very helpful to me. Did MtGox send a 1099? or will they?
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December 05, 2014, 03:46:13 PM
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Thats why you never give details to anyone and just collect BTC any other way you can and leave it in your wallet forever, so you dont have to deal with any of that.
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December 05, 2014, 05:46:56 PM
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The problem with that is that here is US you will have to constantly jump from service to service eating your time to avoid the companies following the law.
On top of that if they don't follow the law they may disappear with your money when they get shut down
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December 05, 2014, 07:34:34 PM
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Here are some thoughts on the subject...

https://bitcointalk.org/index.php?topic=840823.msg9383897#msg9383897
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