The IRS and bitcoins - Page 2 - GoFuckYourself.com

jwerd · 03-20-2013, 01:50 PM

Quote:

Originally Posted by BlackCrayon

he's just sayin' he's more than willing to break the law.

Unlike you, I prefer to solve problems with volunteerism and not force. So, if supporting an agenda that doesn't involve a gun in the room is "breaking the law" then the costume thugs can come get me.

L-Pink · 03-20-2013, 01:53 PM

Quote:

Originally Posted by dyna mo

thanks for the thread, L, very thought-provoking.

With all the threads touting bitcoins no one pointed out how the existing tax code treats each and every transaction as a gain/loss and the record keeping involved to be compliant. In my opinion if you are 100% compliant with the tax code you are just wasting your time and incurring risk by using bitcoins.

If you are looking to be an underground member of society then have at it and good luck.

.

Dirty F · 03-20-2013, 02:08 PM

Quote:

Originally Posted by L-Pink

With all the threads touting bitcoins no one pointed out how the existing tax code treats each and every transaction as a gain/loss and the record keeping involved to be compliant. In my opinion if you are 100% compliant with the tax code you are just wasting your time and incurring risk by using bitcoins.

If you are looking to be an underground member of society then have at it and good luck.

.

Underground like Namecheap and Wordpress you mean?

L-Pink · 03-20-2013, 02:14 PM

Quote:

Originally Posted by Dirty F

Underground like Namecheap and Wordpress you mean?

No, underground like someone avoiding taxes because they think they have found a way around the US tax code.

I'm sure large corporations will weigh the accounting costs vs sales and make a business decision.

.

Barry-xlovecam · 03-20-2013, 02:18 PM

Just exchange them daily (couple batches a day) then the amount of real currency received is the revenue of your gross sales.

Bitcoins are a personal property their exchange a barter -- they are not real currency.

If you hold them they are investment income gain/loss like any other personal property. ( Ordinary income/loss or capital gain/loss).

Get real advice from a CPA (offered in conversation only) (If you can find one to advise on this conversion and taxation topic (doubt that)).

- Jesus Christ - · 03-20-2013, 02:20 PM

Like the "business decision" the state made that drove Aaron Swartz to suicide?

http://www.nydailynews.com/news/nati...icle-1.1242463

I have a feeling Reddit wont be dropping bitcoin anytime soon.

rowan · 03-20-2013, 05:37 PM

Even more complicated when you're mining them via a pool... are you supposed to account for the hundreds or thousands of part (but separate) BTC payments that are generated over a long period?

I claimed my gfx card as a deduction in 2011 then claimed the income when I cashed out to USD a couple of weeks ago. (I'm not in the USA, though.)

Dirty F · 03-20-2013, 06:34 PM

So people won't touch a legal, highly profitable business because their accountant might get confused?

L-Pink · 03-20-2013, 07:09 PM

Quote:

Originally Posted by Dirty F

So people won't touch a legal, highly profitable business because their accountant might get confused?

lol, yea that's the point I'm making.

.

lezinterracial · 03-20-2013, 08:03 PM

Zerohedge article on bitcoins and Cyprus.
http://www.zerohedge.com/news/2013-0...un-has-started

03-20-2013, 02:18 PM	#55
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	Just exchange them daily (couple batches a day) then the amount of real currency received is the revenue of your gross sales. Bitcoins are a personal property their exchange a barter -- they are not real currency. If you hold them they are investment income gain/loss like any other personal property. ( Ordinary income/loss or capital gain/loss). Get real advice from a CPA (offered in conversation only) (If you can find one to advise on this conversion and taxation topic (doubt that)). Last edited by Barry-xlovecam; 03-20-2013 at 02:26 PM..

03-20-2013, 02:20 PM	#56
- Jesus Christ - Confirmed User Industry Role: Join Date: Mar 2003 Location: ::::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: ::::::\|\|\|\|\|\|\|\|\|\|\|\|:::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::::::::::::::: Posts: 7,197	Like the "business decision" the state made that drove Aaron Swartz to suicide? http://www.nydailynews.com/news/nati...icle-1.1242463 I have a feeling Reddit wont be dropping bitcoin anytime soon. __________________ Amen

03-20-2013, 08:03 PM	#60
lezinterracial Confirmed User Industry Role: Join Date: Jul 2012 Posts: 3,065	Zerohedge article on bitcoins and Cyprus. http://www.zerohedge.com/news/2013-0...un-has-started __________________ Live Sex Shows

03-20-2013, 05:37 PM	#57
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	Even more complicated when you're mining them via a pool... are you supposed to account for the hundreds or thousands of part (but separate) BTC payments that are generated over a long period? I claimed my gfx card as a deduction in 2011 then claimed the income when I cashed out to USD a couple of weeks ago. (I'm not in the USA, though.)

03-20-2013, 06:34 PM	#58
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	So people won't touch a legal, highly profitable business because their accountant might get confused?