Need a new feature: BTC Value at time of transaction for Tax purposes

CircusPeanut

full member

Activity: 123

Merit: 100

Quote from: Brangdon on March 27, 2014, 03:40:33 PM

The option to show bitcoin values in milli-BTC or micro-BTC would be nice.

That is in our plans for the next release.

Unfortunately it's not the easiest thing to design.

Our top priority in the design of this feature is to eliminate the possibility that anyone will ever send 1000 times more BTC than intended.

Brangdon

sr. member

Activity: 365

Merit: 251

The option to show bitcoin values in milli-BTC or micro-BTC would be nice.

spin

sr. member

Activity: 362

Merit: 262

I would export my bitcoin transactions and convert to USD using historical values from something like bitcoinaverage.com.

See: https://api.bitcoinaverage.com/history/USD/per_day_all_time_history.csv

CircusPeanut

full member

Activity: 123

Merit: 100

Thanks for the input. I will include this in the functionality for the upcoming price ticker feature.

We can add options for displaying the value of bitcoins at the time of acquisition, or the current moment.

This will be interesting to implement since some outputs will be change or transactions to yourself.

Imagine having to pay tax on breaking a $100, or moving funds between accounts.

We should also add some kind of annual report printouts.

Any further posts on this thread will be added as comments to our feature requirements.

ArmoryGuide

newbie

Activity: 1

Merit: 0

Same write-up, different format:
http://www.businessinsider.com/irs-bitcoin-is-property-not-currency-full-release-2014-3

Rock6.3

member

Activity: 70

Merit: 10

Now that the IRS has weighed in on the taxability calculations for U.S. residents http://www.cryptocoinsnews.com/2014/03/25/irs-virtual-currency-guidance-bitcoin-treated-as-property-u-s-federal-tax-purposes/

Quote

Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities?

A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. See Publication 525, Taxable and Nontaxable Income, for more information on taxable income.

Would it be possible for Armory to include a table of BTC Value as of the time of transactions?

Topic: Need a new feature: BTC Value at time of transaction for Tax purposes (Read 1004 times)