Topic: Bitcoin is doomed. Thanks IRS!!! You Ass hats! - page 2. (Read 19766 times)

I am talking about tax evasion here.
So you are totally not paying tax because the wallet owns by nobody/they think is a foreign user in the eyes of the gov't if you avoid making transactions with services with your identity.

Please, please seriously do this - not a thread but a dedicated website!! And be sure to send me the link. This is much needed - start challenging the gov to show its hand to the public, force its transparency. That would also do wonders for the mainstream public who, individually, will nearly always agree they have 0 faith in the government, but in a group it all goes out the window. On a semi related note, the sentiment can be summed up like this:

We want the government to stay the hell out of OUR business, and just focus on governing those OTHER people  

Really? I think anyone that's familiar with including gains/losses on their tax return would find it pretty easy; and for anyone thats never done capital gains/losses would find it about the same difficulty as manually entering your 1099-D. I had to enter values from a 1-K from an LLC this year, now that was rough.
If you haven't kept records or have 1000's of trades and never looked at how much you've gained/lost then it might be cumbersome.

I haven't looked over the specifics of mining and how that applies though.
Have you asked anyone for help?

The Chinese economy depends quite a lot on the US. If the US becomes bankrupt, then China also will follow.

How about China? Not bankrupt, nor straggling on the fiscal cliff.

I will be starting a thread challenging the IRS to declare what I owe them in bitcoin capital gains. I want to prove to everyone that they don't have a clue.

lol.

But anyway, really the people that honestly think---and can't be convinced otherwise---that IRS taxing bitcoin gains will kill bitcoin are usually the hardcore libertarian types that help to hold back bitcoin. Regulation is inevitable and is actually a good thing, it basically means a major branch of the federal gov is saying that they think bitcoin is going to be around and widespread enough to warrant issuing guidelines; this and other agency involvement makes larger traditional finance players (banks, hedge funds, prop firms) take it more seriously as well as other countries then following suit and creating similar regulations and then, even more importantly, businesses will know how to handle it and feel more comfortable accepting it knowing that there are less unknowns about its future.
As for the actual tax implications/recent IRS memo, none of it is really that bad. Depending on your current income bracket, what kind of tax credits you get, and how much income you made from selling bitcoin, your liability could be close to zero.  But if you made like $50,000+ last year just on cashing in bitcoin and aren't paying then fuck you cheapskate, pay your taxes.
As for the mining part, the IRS ruling was pretty silly, they should have just said that anything mined is unrealized gains until its sold, then once miners convert to USD they could be taxed. Sure miners could use btc to buy things instead and you'd get some tax avoidance but I can't see this amount being relevant as far as federal revenue goes.

LOL dude if they are the richest why they boomed the twin tower?

If the USD crashes before BTC rises to the mooncoin, I'm probably going to hit up a sweet Canadian and see if he'll marry me so I can go live there instead. I should probably do that anyway - not marry a Canadian but look into expatriating. Or across the pond. America as a land is amazing but the majority of people in it are an embarrassment and embrace ignorance and educational fail.

Plan A though is an experiment...as soon as I make the next BTC purchase (the one that counts, not the dollar test one), I'm launching a website dedicated to my move to attempt to live off grid and entirely from BTC...just to see how it plays out. I'm also planning on investing in an RV to travel awhile and to see if I can negotiate a transaction strictly in bitcoin for it.

It's not my means of work but I'm learning creative ways to make my work accommodate bitcoin.


If I only live off BTC and most of those purchases would be less than $600, and I DIY everything, then the IRS is SOL. 

If there was a better kind of tax system in the US, that should-would include the IRS being replaced with a much better and fairly run Federal taxing agency. The IRS should Stop harassing the American people because of their use of Bitcoin !

How would something like this effect cloud mining.

Would Cex.io be the ones who automatically pull from the payout of what was mined on your behalf since they are the ones who technically own that miner? Or does it fall on us since we are the ones who "rent/own" the speed that solved that block. Now I read another reply that stated about claiming everything associated with that, I can see this as an advantage for companies like Cex.io to tax the miner (the owner of the Hash power) and then claim all the cost for a lower capital gains.

Is considered legal for a company to tax you and to not pass that tax to the IRS, since that tax is indeed not for profit of the company and if this would conflict with a claim by Cex.io for lower capital gains due to operational costs and in turn profiting from the tax they took from you.

Now considering the tax falls on us to pay, this would be an advantage since, you did pay into that speed which could be a deduction depending on how long it takes you to profit from your investment.

(This question applies to the purchase of Hash power aswell)

Still have to pay taxes on "barter income", which is what that would be called.

well you can always try to not associate your wallet with your identity.
No identity = they don't know who own the wallet = they don't know who to tax

For now you can profit from exchanging in other countries that doesn't tax it, but if bitcoin liquidity is higher you wouldn't need to exchange them which makes life easier too.

Well, now, that all depends on how you go about it.

My $.02.

Exactly, the US is bankrupt.

Other countries have already integrated exchanges with few, if any, complaints from users. As a US citizen, I must jump through all sorts of loops just to purchase bitcoin. I do understand that we want to close fraudulent pathways for criminals, but those exist in fiat as well.

Any USD bought with bitcoin should be reported in tax information. But I feel that bitcoin allows for an international community and working for BTC would be a different situation.

Well, trading bitcoin for land @ http://galtsgulchchile.com/ ...moving there and renouncing citizenship... might not be a bad idea! 

 

That is a rather..interesting... take on things. lol

maybe you should stop mining ?? maybe that is what the us govy wants to accomplish is stop you and other americans from mining. if the us govy is taxing capital gains then they must think that bitcoin value will increase ?? or are they attempting to kill bitcoin ?? not sure if killing bitcoin is in their interest or not really since the us reserve dollar currency is on it's deathbed. i think what we have is a complex thing involving currency wars. in any case you still have two or three years to mine even if you don't make a profit ?? u could just give up the ghost and stiop mining ??

Hum, maybe i'll just pay the tax and not even bother.