Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
Ah, spoken like a true retard.
Topic: Bitcoin Is Property Not Currency - page 14. (Read 14732 times)
Ah, spoken like a true retard.
I've been telling EVERYBODY. frickin bitcoin won't hit projections because of government cock blocks! you guys are so frickin smart, but can't see the gorilla in the room.
you guys can probably build super computers, but don't see the frickin 3 year old spilling a cup of water on it, and ruining your grand invention!
now you guys just gotta prepare for more government cock blocks, and bad news in the media, and make decisions accordingly.
you guys can probably build super computers, but don't see the frickin 3 year old spilling a cup of water on it, and ruining your grand invention!
now you guys just gotta prepare for more government cock blocks, and bad news in the media, and make decisions accordingly.
Does this mean sales tax may be enforced on BTC as well?
Perhaps, if your locality charges sales tax on digital goods. Don't think that's very common. Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
Why is this such a bad thing? 2014 seems to be shaping up as a good year. Bitcoin is all over the news and entertainment. As a community, we finally got the gox off our back. Prices are significantly higher than last year at this time.
Wow, as if we didn't have enough bad news this year... yup, 2014 is a shit year for bitcoin
Tax slaves meet CoinJoin, stealth addressing?
So this means that if you treat bitcoin as an investment, and hold it for longer than a year, you get taxed at the 15% tax rate (for most Americans). That doesn't sound too bad to me.
Does this mean sales tax may be enforced on BTC as well?
my concern is around that fact that this system is dependant entirely on the honesty of the tax payer.
This is the system we have in the USA. Responsibility for disclosure, filing, and payment is the responsibility of the taxpayer.
If you are audited, however, you best be able to show records of the transactions. I would assume the IRS would consider proof of these on the blockchain as definitive.
There is no reasonable way to track this.
Nonsense. All transactions ore visible on the blockchain. Just choose between LIFO and FIFO accounting models, then get to finding the dates of each of your transactions.
How does the IRS establish ownership of the Wallets ? If I transfer BTC from one Wallet to another (both mine) does that reset the ownership clock? How about online wallets and third party providers that pool their btc?
No, it does not reset the ownership clock if you transfer to yourself. Would that happen with money in bank accounts?
This isn't rocket surgery.
With third party services, you should obtain proper documentation from them.
Personally I just need to check my coinbase account so there is no issues with me , my concern is around that fact that this system is dependant entirely on the honesty of the tax payer.
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Obviously IRS was mulling it over for a while.
What's the downside to the IRS or us govt to saying it's not currency?
What's the downside to the IRS or us govt to saying it's not currency?
There is no reasonable way to track this.
Nonsense. All transactions ore visible on the blockchain. Just choose between LIFO and FIFO accounting models, then get to finding the dates of each of your transactions.
How does the IRS establish ownership of the Wallets ? If I transfer BTC from one Wallet to another (both mine) does that reset the ownership clock? How about online wallets and third party providers that pool their btc?
There is no reasonable way to track this.
Nonsense. All transactions ore visible on the blockchain. Just choose between LIFO and FIFO accounting models, then get to finding the dates of each of your transactions.
So Money Transmitter Licenses not needed because it is "Property" not a "Currency"?
IRS will provide guidance to regulators.
Any clarification on long term capital gain tax applying to holdings over a year? I belive that is taxed at a lower rate.
Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate.
Thanks, I wonder how this could really be done. Technicaly there is no way for anyone to prove time of ownership. The guess the IRS would just have to take someone's word on it . Seems like an easily expoitable system.
This is what I was wondering. There is no reasonable way to track this. I can see two ways of doing this: Attempting to track how many coins you had a year ago versus what you have today and taking that difference with the amount of coins you "mined/earned" during that fiscal year to determine how many one year old-coins you have, or assume you spend you always spend your newest coins. Gah, tons of paperwork that frankly isn't going to be worth it...
How does this work for stocks. If I own 100 Shares of Stock XYZ for 364 days and then purchase 10 more shares and then wait one day then sell 10 shares. Would that sell be at taxed at long term or short term gains ?
So Money Transmitter Licenses not needed because it is "Property" not a "Currency"?
IRS will provide guidance to regulators.
Any clarification on long term capital gain tax applying to holdings over a year? I belive that is taxed at a lower rate.
Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate.
Thanks, I wonder how this could really be done. Technicaly there is no way for anyone to prove time of ownership. The guess the IRS would just have to take someone's word on it . Seems like an easily expoitable system.
This is what I was wondering. There is no reasonable way to track this. I can see two ways of doing this: Attempting to track how many coins you had a year ago versus what you have today and taking that difference with the amount of coins you "mined/earned" during that fiscal year to determine how many one year old-coins you have, or assume you spend you always spend your newest coins. Gah, tons of paperwork that frankly isn't going to be worth it...
not for bitcoin either
I'd debate that.. IMO some whales were waiting for this, we'll see though I suppose.
I'd argue that its good for bitcoin. It provides clarity and that will bring people into the ecosystem. The guidance came in preety much as expected, I don't think it could have turned out any other way.
not for bitcoin either
I'd debate that.. IMO some whales were waiting for this, we'll see though I suppose.
So Money Transmitter Licenses not needed because it is "Property" not a "Currency"?
IRS will provide guidance to regulators.
Any clarification on long term capital gain tax applying to holdings over a year? I belive that is taxed at a lower rate.
Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate.
Thanks, I wonder how this could really be done. There is no easy way for anyone to prove time of ownership. I doubt its feasiable for the IRS to investigate this.I guess the IRS would just have to take someone's word on it . Seems like an easily expoitable system.
So Money Transmitter Licenses not needed because it is "Property" not a "Currency"?
IRS will provide guidance to regulators.
Any clarification on long term capital gain tax applying to holdings over a year? I belive that is taxed at a lower rate.
Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate.
Yeah! Interestingly enough Danes seem to just have gotten clarification that they are due 0% capital gains tax on Bitcoin if I understood correctly. Also being discussed:
https://bitcointalksearch.org/topic/tax-free-bitcoin-in-denmark-530205
http://translate.google.com/translate?sl=da&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Ffinans.tv2.dk%2Fnyheder%2Farticle.php%2Fid-73468284%3Aafg%25C3%25B8relse-bitcoingevinster-er-skattefrie.html
(Thanks for the sauce Dansker).
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