Bitcoin Forum
December 05, 2016, 06:42:01 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: Who is buying Bitcoin? Why do they buy it?  (Read 5685 times)
freecoin
Jr. Member
*
Offline Offline

Activity: 31


View Profile
May 26, 2011, 04:10:08 PM
 #21

.. but the moment you sell those 100 bitcoins for $800 you have to report that.  Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.
I respectfully disagree.  There is no requirement.  We have been greatly deceived.  Unfortunately I don't have much in the way of proof.  I've personally operated outside the FR system and not paid income tax in years.  I conclude that the IRS agrees with me since I have no legal issues.
1480963321
Hero Member
*
Offline Offline

Posts: 1480963321

View Profile Personal Message (Offline)

Ignore
1480963321
Reply with quote  #2

1480963321
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480963321
Hero Member
*
Offline Offline

Posts: 1480963321

View Profile Personal Message (Offline)

Ignore
1480963321
Reply with quote  #2

1480963321
Report to moderator
eleuthria
Legendary
*
Offline Offline

Activity: 1750


BTC Guild Owner


View Profile WWW
May 26, 2011, 04:16:50 PM
 #22

.. but the moment you sell those 100 bitcoins for $800 you have to report that.  Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.
I respectfully disagree.  There is no requirement.  We have been greatly deceived.  Unfortunately I don't have much in the way of proof.  I've personally operated outside the FR system and not paid income tax in years.  I conclude that the IRS agrees with me since I have no legal issues.

Good luck with that if they ever catch on.  Just because you haven't been audited yet means nothing.  When you do get audited, enjoy the interest and penalties.  There are thousands of people out they operating under the:  "I haven't been taken to tax court yet, so I must not be doing anything wrong" theory.  Ignorance won't get you off the hook.  Make sure you hire a CPA experienced in audits, they'll save you a lot of money when the time comes.

R.I.P. BTC Guild, 2011 - 2015.
BTC Guild Forum Thread
Alex Beckenham
Full Member
***
Offline Offline

Activity: 154


View Profile
May 26, 2011, 04:18:57 PM
 #23

There simply aren't enough bitcoin using businesses

That you know of.

Gameover
Member
**
Offline Offline

Activity: 70


View Profile
May 26, 2011, 04:19:19 PM
 #24

.. but the moment you sell those 100 bitcoins for $800 you have to report that.  Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.
I respectfully disagree.  There is no requirement.  We have been greatly deceived.  Unfortunately I don't have much in the way of proof.  I've personally operated outside the FR system and not paid income tax in years.  I conclude that the IRS agrees with me since I have no legal issues.

I have heard that as well but would rather pay 30% than having a chance of going to federal prison.  Either you don't make very much (little risk of being audited) or are delusional in thinking that any argument you make will hold up in court and not land you with heavy fines much beyond what you owe or prison time.  Besides our tax rate is much lower than almost every other industrialized nation, even though most of it is squandered Sad
darthjee
Newbie
*
Offline Offline

Activity: 3


View Profile
May 26, 2011, 04:32:25 PM
 #25

The reasons to buy/use Bitcoins are many, but the opportunity to trade OUTSIDE the Federal Reserve system, and perhaps your country's central bank too (quite possibly hastening its demise), and its associated tax is probably one of the greatest reasons.  What I'm saying is, once you dig into it, you will discover the US Federal Income Tax is an excise on banking within the Federal Reserve System.  From a legal standpoint, bitcoins are not "income" under the Revenue Acts of the United States.  Unless of course you consent to consider them income; in this day of heavy conditioning (brainwashing), that's always an option.  I asked a tax attorney about bitcoin and he said they were "includible" in gross income.  I then said "oh, I can include them if I choose to."  And he just laughed at that.  My interpretation is... gotcha.

http://savingtosuitorsclub.net/showthread.php?145-Exactly-what-does-the-IRS-agent-think
http://losthorizons.com/CtCforFree.pdf

Of course, have 100 bitcoins in your account is meaningless, but the moment you sell those 100 bitcoins for $800 you have to report that.  Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.

well, you can buy bit coins, to startup the system, bring the coins to your location ... once you have that, and enough local business and people are accepting them, you can start circulating it and avoiding taxes
acamus
Newbie
*
Offline Offline

Activity: 28


View Profile
May 26, 2011, 04:48:21 PM
 #26

The reasons to buy/use Bitcoins are many, but the opportunity to trade OUTSIDE the Federal Reserve system, and perhaps your country's central bank too (quite possibly hastening its demise), and its associated tax is probably one of the greatest reasons.  What I'm saying is, once you dig into it, you will discover the US Federal Income Tax is an excise on banking within the Federal Reserve System.  From a legal standpoint, bitcoins are not "income" under the Revenue Acts of the United States.  Unless of course you consent to consider them income; in this day of heavy conditioning (brainwashing), that's always an option.  I asked a tax attorney about bitcoin and he said they were "includible" in gross income.  I then said "oh, I can include them if I choose to."  And he just laughed at that.  My interpretation is... gotcha.

http://savingtosuitorsclub.net/showthread.php?145-Exactly-what-does-the-IRS-agent-think
http://losthorizons.com/CtCforFree.pdf

Of course, have 100 bitcoins in your account is meaningless, but the moment you sell those 100 bitcoins for $800 you have to report that.  Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.

The great thing is you only need to report it once the dollars become "real". No need to report mtGox dollars or Dwolla dollars. Only once it hits your bank account. I would just seriously hope dwolla doesn't get shut down.

Short Bitcoin  (http://forum.bitcoin.org/index.php?topic=12536.0) if you dare.
http://www.tradebitcoin.com/
http://oneminuteslow.com/bitcoin/100-20.png (http://forum.bitcoin.org/index.php?topic=8895.0)
15V8JNvmvuWnRF3r6hfTyLL1ukyfp
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!