You have obligations if your income is in bitcoin. Just like you have to pay tax if your income is in gold (there was an IRS case on this) or anything else (hog futures, free rent, etc).
Enforceability is a different issue than legality.
Topic: 2013-06-05 ATR : Surprise! Your Bitcoins May Be Taxable Income to the IRS (Read 944 times)
June 05, 2013, 10:55:39 PM
June 05, 2013, 10:52:57 PM
You cannot have no obligations if your income is in bitcoin. When there's a way, the government will tax you. Bitcoin or Dollars or Gold. Doesn't matter.
June 05, 2013, 07:50:31 PM
The IRS sucks. Evade taxes to the extent you are reasonably able otherwise you are supporting corruption, stupidity and murder.
The whole govt sucks. Time for decentralized governance.
The whole govt sucks. Time for decentralized governance.
June 05, 2013, 07:15:33 PM
My bad, fixed it.
Fine now, thanks!
The article seems very BTC-friendly, all in all.
"But, to date, the IRS has not passed any guidance or regulation of their own on Bitcoins."
"Also, like many trading or bartering deals in the US, it is easy to keep Bitcoin trading under the radar of the IRS."
... even to the point of hinting at regulator capitulation:
"There may be hope for Bitcoin collectors, however. You just need to look back at IRS precedent on similar issues. In 2002, the IRS issued a statement that they would not be taxing Frequent Flier miles because of the “numerous technical and administrative issues relating to these benefits.”"
Matonis just said something similar in Forbes (see separate topic) to the effect that regulators should reflect on what is and is not within their grasp.
June 05, 2013, 06:59:53 PM
My bad, fixed it.
June 05, 2013, 06:36:40 PM
http://www.atr.org/surprise-bitcoins-may-taxable-income-irs-a7659
As usual, lacking explanation of a method to make this possible.
As usual, lacking explanation of a method to make this possible.
My browser (FF) is balking at the link. It treats the link as though the colon is missing after "http". Anyone else getting this?
June 05, 2013, 04:56:59 PM
Only if you sell them for $$$. Not if you keep them safe in your (paper) wallet. Again nothing to see folks... Keep walking
June 05, 2013, 04:53:02 PM
http://www.atr.org/surprise-bitcoins-may-taxable-income-irs-a7659
As usual, lacking explanation of a method to make this possible.
As usual, lacking explanation of a method to make this possible.
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