but for how long can we go on like we currently are? I gotta pay taxes for shitty roads and my income. I pay more percentage wise on my taxes than multi-millionaires! curses, says I!
Curses.. Curses..
All well.. What can we do? USE BTC!
Topic: Reporting BitCoins on Taxes - page 2. (Read 2123 times)
Curses.. Curses..
All well.. What can we do? USE BTC!
sr. member
Activity: 266
Merit: 250
The king and the pawn go in the same box @ endgame
but for how long can we go on like we currently are? I gotta pay taxes for shitty roads and my income. I pay more percentage wise on my taxes than multi-millionaires! curses, says I!
Thanks for the replies.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
Anything with value is taxable in the US pretty much..
And that makes me sad. At least groceries are untaxed here in Nebraska. For now.
sr. member
Activity: 266
Merit: 250
The king and the pawn go in the same box @ endgame
Thanks for the replies.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
Anything with value is taxable in the US pretty much..
And that makes me sad. At least groceries are untaxed here in Nebraska. For now.
I'd imagine that you'd follow in the same footsteps as the guys who sell large value items in Second Life. I wonder how long it will be before the IRS starts auditing your digital possessions and transactions. It's coming...
Thanks for the replies.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
Anything with value is taxable in the US pretty much..
Thanks for the replies.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
I paid my accountant $75.00 to tell me that I should report it as misc. income if I cash out bitcoins... lulz.
Quote
When I played poker I used Hold'em manager to keep track of my income so I could report it on my tax return... yeah I know, one of the few.
Does a tool like this exist for BitCoin trading?
Does a tool like this exist for BitCoin trading?
Bitcoins are not recognized by the US as a currency or commodity, so there are no governmental laws regulating trade. If you're concerned about a possibly applicable capital gains tax, that wouldn't apply unless you liquidated your Bitcoins (eg. removing funds from your exchange account). Even then, there's a question of whether or not a capital gains tax should even be applied to Bitcoin, but we're in uncharted waters and that's a larger question.
If you trade on an exchange, such as mtgox, that would be your best source of records of deposits, withdrawals, and trades.
When I played poker I used Hold'em manager to keep track of my income so I could report it on my tax return... yeah I know, one of the few.
Does a tool like this exist for BitCoin trading?
Does a tool like this exist for BitCoin trading?
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