Topic: Report my Bitcoin earnings to the IRS? No way! (Read 8186 times)

How would you get around this? If the deposits are in cash then each $5,000 deposit must be recorded by the bank. The iRS is able to compel you to allow them to look at your bank records.

This may not be setting up a red flag to get audited, but if you do then you would be facing stiff penalties.

In the event that the bank send a suspicious activity report (SAR) then your chances of getting audited go up and it may actually guarantee an audit depending on the circumstances.

There are ways around the things of which you speak.

If you regularly have deposits exceeding $5,000...or even if you regularly just have a lot of deposits into your account that cannot easily be explained, then you are just begging to be audited. 

By declaring nothing (if you have large cap gains), you are raising such a red flag it is not even funny.

Have fun in jail!

It doesn't matter if you own a pizza palor, mine bitcoins, or sell drugs.

You always owe taxes!

Why don't you move to a country where there are no capital gains tax and no income tax.

As long as you live in the US or are an US citizen you will be breaking the law and the IRS will catch up with you.

Have fun in jail!

It doesn't matter if you own a pizza palor, mine bitcoins, or sell drugs.

You always owe taxes!

Why don't you move to a country where there are no capital gains tax and no income tax.

As long as you live in the US or are an US citizen you will be breaking the law and the IRS will catch up with you.

It doesn't matter if you own a pizza palor, mine bitcoins, or sell drugs.

With tax day fast approaching in the United States, the subject of Bitcoin and taxation has been all over the news lately.

Over the past several years, Bitcoin miners, investors and startups have enjoyed a huge financial boon from the Bitcoin price explosion.  As Bitcoiners, are we required to cough up real money to the IRS?

According to the US Government, we owe the IRS some cash.  Profits from Bitcoin mining are taxable and profits from Bitcoin investments fall under the capital gains tax.  Yes, we owe the government money. But should we pay?

No, I don't think so.

The power to tax is the power to destroy.  The Federal Reserve banking cartel understands the danger of Bitcoin eventually eclipsing fiat currency.  They are, frankly, terrified.  The US hasn't banned Bitcoin because it is not yet in mainstream usage.  Stores don't accept Bitcoin. Most people don't own Bitcoin.  Bitcoin might have entered the public lexicon, but it hasn't entered the public wallet.  At least not yet.

But the IRS and the Federal Reserve would love to establish a precedent of taxation for Bitcoin.  Should they eventually feel threatened enough to severely restrict it, they could easily tax Bitcoin into oblivion. 

Already the government is seeking to regulate Bitcoin as a monetary instrument, hence the recent arrests of LocalBitcoin exchangers in Florida and the indictment of Charlie Shrem.  By regulating Bitcoin, they ensure that the large Bitcoin companies (CoinBase, etc) will enjoy a monopoly, becoming extremely vulnerable to government regulation and taxation. Small players will be forced out of business and new players will have a hard time getting into the game.  This has always been the model for banking in the United States and they are applying the same restrictive template to Bitcoin. 

The government doesn't need to ban Bitcoin. All they need to do is impose taxes and regulation sufficient to keep the big Bitcoin companies on top, and the little guys out of the game.

My name is Dr. Michael Moriarty, and I own the Bitcoin Network of 50+ Bitcoin related sites, including https://BitPlastic.com, https://CoinChimp.com, https://BitLaunder.com and many more.  We are not going to pay 1 cent to the IRS or any other government agency.  Nor do we verify the identity of our customers.  Nor do we report our customer's financial transactions to any government agency whatsoever.

The beauty of Bitcoin is that the average person can use it to escape from the fiat currency ponzi scheme that characterizes our modern banking system.  By reporting your Bitcoin earnings to the IRS, you are implicitly embracing their financial scam and becoming part of it.

Beverely Rubik says 'you can recognize a pioneer by the arrows in his back.'  Maybe the IRS will put some arrows in my back, but they will have to find me first :-)

And look what that bloody revolution brought us.

Nothing good ever comes from violence.

The only solution to the Federal Reserve scam is to make conditions & structures that make that scam obsolete.

We have that... it's called crypto currencies.

Use them.  And simply ignore that evil system.

This is a good point... The french revloution was a lot more than just writing letters and walking down the streets following the path the cops laid out for you.  The seat of power is NEVER given up, ever.

It comes down to a decision, resist injustice, or fund injustice.

It's not a "pro-tax" argument, it's a statement of fact: get caught and you will go to jail.

To renounce US citizenship, you go to another country that will take you. Then go to a US consulate and tell them you want to renounce US citizenship. They have you watch a video, they warn you what you're giving up, you sign some forms, they take your passport, and show you out the door. You can no longer enter the US, except maybe on a tourist visa.

Renounce your citizenship.

Renounce your citizenship.