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-   Fucking Around & Business Discussion (https://gfy.com/forumdisplay.php?f=26)
-   -   The IRS and bitcoins (https://gfy.com/showthread.php?t=1103690)

MrMaxwell 03-20-2013 01:13 PM
Quote:
Originally Posted by epitome (Post 19537820)
So if you make $0 for the year the IRS is still going to tax you?
They sure as hell can
Some piece of trash from the IRS was very recently threatening 100M people with the AMT

L-Pink 03-20-2013 01:14 PM
Quote:
Originally Posted by jwerd (Post 19537825)
Free money? Without informing the mafia? Sure. As farm animals to the tax farm, it'd be in our best interest to actually support something that gives us the freedom to trade without a gun pointed at us at all times. Just sayin'
"Just sayin" ? Just saying what?

.

BlackCrayon 03-20-2013 01:25 PM
Quote:
Originally Posted by L-Pink (Post 19537834)
"Just sayin" ? Just saying what?

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

Vapid - BANNED FOR LIFE 03-20-2013 01:33 PM
Quote:
Originally Posted by BlackCrayon (Post 19537848)
he's just sayin' he's more than willing to break the law.
http://en.wikipedia.org/wiki/Monopoly_on_violence
A monopoly of the legitimate use of physical force

adulttraffic 03-20-2013 01:36 PM
Quote:
Originally Posted by L-Pink (Post 19537175)
Correct you pay tax on the gain.

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.

.
LOL I dont know about every state and can only comment on the state of XX. Their is a reason why their is a place on the auto title for sale price. This is so when you change title ownership you have to pay sales tax. Dosent matter how many times the car is sold. Everyone must pay tax. You are exactly correct.. you must pay the tax again.

L-Pink 03-20-2013 01:37 PM
Quote:
Originally Posted by BlackCrayon (Post 19537848)
he's just sayin' he's more than willing to break the law.
Which appears to be the only real benefit to using bitcoins. Tax avoidance. Non compliance with tax codes.

.

adulttraffic 03-20-2013 01:41 PM
Quote:
Originally Posted by L-Pink (Post 19537864)
Which appears to be the only real benefit to using bitcoins. Tax avoidance. Non compliance with tax codes.

.
Exactly, but what people seem to forget unless you get these bitcoins paid to some kind of debit card in a name thats not theirs then their is no way they can possibly avoid paying taxes with out future repercussions. Sure you can transfer this into your bank account and declare nothing. But if you ever get audited you will get caught.

Shedevils 03-20-2013 01:45 PM
Quote:
Originally Posted by dyna mo (Post 19536890)
if i sell my car for a profit, i don't have to claim that as income.
What country are you in?

Where I am the only thing, and I mean the only thing that is not taxed upon sale is your primary home residence.

dyna mo 03-20-2013 01:47 PM
Quote:
Originally Posted by Shedevils (Post 19537875)
What country are you in?

Where I am the only thing, and I mean the only thing that is not taxed upon sale is your primary home residence.
what difference does it make if i answer your question? you obviously by-passed the entire thread to point out my post.



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

x-rate 03-20-2013 01:50 PM
Someone should try this (btw I don't know bitcoins but I like tax question and discuss)

Call IRS and say:

You: Last year I made 50k I had no expense.
(now assuming this person should be taxable at 30%)
You: I don't mind writing you a check for 15000$ but I also made 1000 bitcoins last year so where do I send the 300 bitcoins?
IRS: :Oh crap :helpme

jwerd 03-20-2013 01:50 PM
Quote:
Originally Posted by BlackCrayon (Post 19537848)
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 (Post 19537879)


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 (Post 19537891)
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 (Post 19537911)
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):upsidedow (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 (Post 19538279)
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


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