Topic: Any IRS friendly wallets? (Read 1293 times)
interesting questions I look forward to seeing where this thread goes in regards to an IRS friendly crypto wallet.
We are debating the idea of ZGL wallets (zero gain/loss wallets) in this thread: https://bitcointalksearch.org/topic/zgl-wallet-achieve-zero-gainloss-for-tax-purposes-with-coin-control-531135
ZGL wallets use coin swaps to recognize capital gains events in "lumps," and use coin control to ensure that day-to-day spending is exactly zero gain/loss.
ZGL wallets use coin swaps to recognize capital gains events in "lumps," and use coin control to ensure that day-to-day spending is exactly zero gain/loss.
It sounds like an interesting concept but I don't think it would help the average joe much. They aren't likely to have acquired coins at a wide variety of prices, and they aren't likely to be willing to actively use coin control unless it was like completely automated in the background which I think would be impossible unless you just happened to have massively overpaid for some coins and underpaid for others.
IRS was targeting all virtual currencies as being a properties. That would include anything used in WoW, any games in PS4, Xbox One, second Life, nintendo, etc, etc...
This is a very difficult task.
Why it is a very difficult task ? What makes it difficult?
Do you remember the meaning of MT GOX? Do you remember why this platform was created? Do you remember why people were using that platform before MT GOX became number one for Bitcoin?
A friend of mine is a big ultima online gamer for many many many years.
http://www.youtube.com/watch?v=VhDvJ8RketA
When you start playing you get killed pretty quick as people like my friend have a capital of so much magic power. So instead of working hard for many weeks to get that magic ax, you could simply buy it from him, with real cash $$$.
And although the price of a magical virtual property may not be $300 or more, based on that ruling the IRS would need to audit the whole Ultima Online universe and ask for everyone's profile to see who is making the $$$ and how they collect the money.
There is nothing that would differentiate owning a bit of a bitcoin or a magical flying goat and selling them for profit for the IRS. Now multiply this for every game on every platform that let you "exchange stuff between players".
That would be the IRS's new priority instead of drug money from Mexico being laundered by the Billions every year.
IRS was targeting all virtual currencies as being a properties. That would include anything used in WoW, any games in PS4, Xbox One, second Life, nintendo, etc, etc...
This is a very difficult task.
Why it is a very difficult task ? What makes it difficult?
IRS was targeting all virtual currencies as being a properties. That would include anything used in WoW, any games in PS4, Xbox One, second Life, nintendo, etc, etc...
This is a very difficult task.
We are debating the idea of ZGL wallets (zero gain/loss wallets) in this thread: https://bitcointalksearch.org/topic/zgl-wallet-achieve-zero-gainloss-for-tax-purposes-with-coin-control-531135
ZGL wallets use coin swaps to recognize capital gains events in "lumps," and use coin control to ensure that day-to-day spending is exactly zero gain/loss.
ZGL wallets use coin swaps to recognize capital gains events in "lumps," and use coin control to ensure that day-to-day spending is exactly zero gain/loss.
There are many that the IRS can track, thats why they are backing the feds and NSA, so they can make a super computer so they can see how much you spend.
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And yet the IRS can't (or won't) track all that $$ in and out from Mexico... Hmmm...
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And yet the IRS can't (or won't) track all that $$ in and out from Mexico... Hmmm...
It is inevitable for many are flowing from Mexico.
If the current ruling ends up sticking, I think it would be a good feature for wallets to have. If they could somehow check some trusted 3rd party site to get the current value of the coin at the time it's being spend and store it, then allow the user to export a spreadsheet showing all transactions like amount spend, equivalent value in USD - that would be excellent and make tax time MUCH smoother.
Lol IRS wallets :S
IRS was targeting all virtual currencies as being a properties. That would include anything used in WoW, any games in PS4, Xbox One, second Life, nintendo, etc, etc...
yes cause they secretly get paid. but thats a secret
There are many that the IRS can track, thats why they are backing the feds and NSA, so they can make a super computer so they can see how much you spend.
[/quote
And yet the IRS can't (or won't) track all that $$ in and out from Mexico... Hmmm...
[/quote
And yet the IRS can't (or won't) track all that $$ in and out from Mexico... Hmmm...
There are many that the IRS can track, thats why they are backing the feds and NSA, so they can make a super computer so they can see how much you spend.
Ones that track transactions display in USD time when received and sent, etc.
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