Topic: Bitcoin is "NOT" Legal Tender According to IRS - page 3. (Read 5472 times)
So if i withdrawl $10,000 cash worth of bitcoins is there anyway the IRS could tax it? would this be possible? lets say i wanted to spend most of it on a vehicle? new car?
I don't think they could have banned it, even if they had wanted to.
US is not Nazi Germany yet.
US is not Nazi Germany yet.
it is better to be taxed than being banned
On a positive note UK scraps VAT on crypto trades: http://www.bbc.co.uk/news/business-26426550
Capital gains tax still applies though.
What is capital gains these days? I heard that it was something around £10k PA, but how is it even trackable? Is it one of those where it only matters if you take the piss with your capital gains?
Not sure. Think it's more than that. It's not really trackable, but if you sell the Bitcoins though an exchange they can track you that way.
It'll be something that 99.9999% of the time, will go unnoticed. Though if you're part of the 0.0001% that gets picked up through an exchange or by buying something with BTC, it's not going to be fun explaining to the government that you forgot to pay taxes.
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On a positive note UK scraps VAT on crypto trades: http://www.bbc.co.uk/news/business-26426550
Capital gains tax still applies though.
What is capital gains these days? I heard that it was something around £10k PA, but how is it even trackable? Is it one of those where it only matters if you take the piss with your capital gains?
Not sure. Think it's more than that. It's not really trackable, but if you sell the Bitcoins though an exchange they can track you that way.
it is better to be taxed than being banned
On a positive note UK scraps VAT on crypto trades: http://www.bbc.co.uk/news/business-26426550
Capital gains tax still applies though.
What is capital gains these days? I heard that it was something around £10k PA, but how is it even trackable? Is it one of those where it only matters if you take the piss with your capital gains?
global moderator
Activity: 3990
Merit: 2713
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On a positive note UK scraps VAT on crypto trades: http://www.bbc.co.uk/news/business-26426550
Capital gains tax still applies though.
On a positive note UK scraps VAT on crypto trades: http://www.bbc.co.uk/news/business-26426550
You know, it really pisses me off that people are taxed on virtually every conventional financial transaction they do, and what is there to show for it? Some countries show for it better than others, but so much money is wasted away in extravagant wages for people who do a shoddy job.
Bitcoin to me is all about the protocol, the coins are like a share of that transmission power, kind of.
Bitcoin to me is all about the protocol, the coins are like a share of that transmission power, kind of.
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I doubt the US will ever recognise it as legal tender, but it's not going to stop them from trying to take their cut.
IRS won't consider Bitcoin as a currency but will consider it a commodity so they can tax it!
Quote
The IRS are arguing that Bitcoin cannot be considered a currency because it does not have “legal tender status”. And who gives Bitcoin legal tender status? The governments/authorities do of course. And will the governments/authorities give Bitcoin legal tender status? Unlikely, because this will legitimize Bitcoin even more and help it spread. But, that does not matter to many millions of crypto-currency enthusiasts throughout the World.
So, why are governments recognizing Bitcoin if they don’t want it considered a currency? Three guesses? Tax, tax and more tax!
The Internet/Web has evolved faster than most people imagined and no-one controls it even though several authorities/governments have tried. Bitcoin is built upon the Internet/Web, and is a true example of Laissez-faire dynamics that will bring about a real freedom movement.
Source: http://blog.gbcoinfoundation.org/should-bitcoin-be-classed-as-a-currency-or-commodity-and-does-it-really-matter/
So, why are governments recognizing Bitcoin if they don’t want it considered a currency? Three guesses? Tax, tax and more tax!
The Internet/Web has evolved faster than most people imagined and no-one controls it even though several authorities/governments have tried. Bitcoin is built upon the Internet/Web, and is a true example of Laissez-faire dynamics that will bring about a real freedom movement.
Source: http://blog.gbcoinfoundation.org/should-bitcoin-be-classed-as-a-currency-or-commodity-and-does-it-really-matter/
Let the IRS try and tax Bitcoin, fucking snubs.
It's time for a french revolution it seems, but are the people tired enough of being debt slaves to actually do anything? Probably not.
IRS won't consider Bitcoin a currency but will consider it a commodity so they can tax it!
Quote
The IRS are arguing that Bitcoin cannot be considered a currency because it does not have “legal tender status”. And who gives Bitcoin legal tender status? The governments/authorities do of course. And will the governments/authorities give Bitcoin legal tender status? Unlikely, because this will legitimize Bitcoin even more and help it spread. But, that does not matter to many millions of crypto-currency enthusiasts throughout the World.
So, why are governments recognizing Bitcoin if they don’t want it considered a currency? Three guesses? Tax, tax and more tax!
The Internet/Web has evolved faster than most people imagined and no-one controls it even though several authorities/governments have tried. Bitcoin is built upon the Internet/Web, and is a true example of Laissez-faire dynamics that will bring about a real freedom movement.
Source: http://blog.gbcoinfoundation.org/should-bitcoin-be-classed-as-a-currency-or-commodity-and-does-it-really-matter/
So, why are governments recognizing Bitcoin if they don’t want it considered a currency? Three guesses? Tax, tax and more tax!
The Internet/Web has evolved faster than most people imagined and no-one controls it even though several authorities/governments have tried. Bitcoin is built upon the Internet/Web, and is a true example of Laissez-faire dynamics that will bring about a real freedom movement.
Source: http://blog.gbcoinfoundation.org/should-bitcoin-be-classed-as-a-currency-or-commodity-and-does-it-really-matter/
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