Quote:
Originally Posted by TheSquealer
The answer in general to all your questions is this "if you come out ahead, you'll be taxed on it". Additionally, all questions are only relevant to the last 6 months and the most current tax code updates, so few could give you competent answers on questions as the answers change quite frequently.
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my question was in regards to this comment by L
Quote:
Originally Posted by L-Pink
In a bitcoin transaction almost every transaction will be for a different amount value wise than the bitcoin was acquired for. This variance on a first in/first out value basis will need to be accounted for to be IRS compliant.
This alone makes bitcoins worthless as a form of payment unless you are trying to scam the system.
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it seems to me that this is comparable to a barter type of transaction where the exchange rate is always dynamic yet the irs allows these and accounts for them.