[2015-01-12] Don't Forget Bitcoin At Tax Time

grendel25

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Activity: 2296

Merit: 1031

Quote from: Chef Ramsay on January 13, 2015, 01:07:00 AM

Quote from: Krang on January 12, 2015, 08:36:05 AM

Quote from: Chef Ramsay on January 12, 2015, 01:00:13 AM

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

Hehe. That's the point I was going to make. Many people will purposely 'forget'. I guess bitcoin does make it easier to get away with but at the same time it doesn't make you 100% invisible, especially if you're not careful.

You need to have a lot of hair hanging from your balls for it to matter here in the US. I'm not talking about 'forgetting' but just taking things as they are. 2014 is the year where you let the corrections do their thang and not worry about it. Even if you bought and held from prior times, unless you have some hefty cap gains then don't worry about uncle scam in your ass cuz it aint worth it for them. Anything less than 6 figs won't have them lifting a finger, let alone creating a cell for ya. And, fed prison cells aren't where the bad (nasty) boys are. Wink

Well according to Office Space, the federal prisons are pretty tough!!

Michael Bolton: We get caught laundering money, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison.

Samir: I don't want to go to ANY prison!

ujka

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Quote from: bitbouillion on January 12, 2015, 10:31:05 PM

Quote from: Krang on January 12, 2015, 08:36:05 AM

Which country is that? I might want to move there Cheesy

.

Germany, if you hold longer than a year.

Slovenia. No capital gain tax on trading coins.

Chef Ramsay

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Activity: 1568

Merit: 1001

Quote from: Krang on January 12, 2015, 08:36:05 AM

Quote from: Chef Ramsay on January 12, 2015, 01:00:13 AM

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

Hehe. That's the point I was going to make. Many people will purposely 'forget'. I guess bitcoin does make it easier to get away with but at the same time it doesn't make you 100% invisible, especially if you're not careful.

You need to have a lot of hair hanging from your balls for it to matter here in the US. I'm not talking about 'forgetting' but just taking things as they are. 2014 is the year where you let the corrections do their thang and not worry about it. Even if you bought and held from prior times, unless you have some hefty cap gains then don't worry about uncle scam in your ass cuz it aint worth it for them. Anything less than 6 figs won't have them lifting a finger, let alone creating a cell for ya. And, fed prison cells aren't where the bad (nasty) boys are. Wink

bitbouillion

sr. member

Activity: 868

Merit: 250

Quote from: Krang on January 12, 2015, 08:36:05 AM

Which country is that? I might want to move there Cheesy

.

Germany, if you hold longer than a year.

Krang

full member

Activity: 167

Merit: 100

Quote from: Chef Ramsay on January 12, 2015, 01:00:13 AM

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

Hehe. That's the point I was going to make. Many people will purposely 'forget'. I guess bitcoin does make it easier to get away with but at the same time it doesn't make you 100% invisible, especially if you're not careful.

Quote from: ujka on January 12, 2015, 03:25:15 AM

Not taxed in my country! Cool

Which country is that? I might want to move there Cheesy

.

ujka

hero member

Activity: 630

Merit: 500

Not taxed in my country! Cool

Chef Ramsay

legendary

Activity: 1568

Merit: 1001

Or you think you're a small fry and let it fly over your head and they'll never know. That's the key point every american btcer needs to consider. Unless you're packing mad cash, this it the appropriate mindset to take.

zakoliverz

hero member

Activity: 536

Merit: 500

http://www.forbes.com/sites/kellyphillipserb/2015/01/11/dont-forget-bitcoin-at-tax-time/

For taxpayers, this means that Bitcoin and other similar virtual currency will be subject to capital gains rules for any applicable gains or losses. That treatment does have an upside for taxpayers since capital gains rates are generally pretty favorable to taxpayers. For 2014, capital gains rates for long term gains (those held more than a year) is no higher than 15% for most taxpayers (20% for those with taxable income at or above $406,750 for individual taxpayers; $457,600 for married taxpayers filing jointly or qualifying widow(er); $432,200 for head of household, and $228,800 for married taxpayers filing separately).

And losses are really losses: capital losses can be netted against capital gains and excess losses can be deducted from ordinary income (up to $3,000 each year).

Topic: [2015-01-12] Don't Forget Bitcoin At Tax Time (Read 1248 times)