US citizens, do you pay taxes on bitcoin exchange? - page 3.

Stephen Gornick

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Quote from: awigaxeh-443 on March 24, 2012, 08:19:41 PM

US CITIZENS, HOW MUCH ARE YOU PAYING AS CAPITAL GAINS TAX? Huh

Oh, you are just asking for the rate at which long term capital gains are taxed? 15% (for most, from 0% to 28% for others)
- http://www.irs.gov/newsroom/article/0,,id=106799,00.html
- http://en.wikipedia.org/wiki/Capital_gains_tax#United_States
- http://www.bankrate.com/finance/money-guides/capital-gains-tax-rates-1.aspx

awigaxeh-443

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US CITIZENS, HOW MUCH ARE YOU PAYING AS CAPITAL GAINS TAX? Huh

awigaxeh-443

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If BTC were to be made "centralized" then yeah why not

BadBear

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Quote from: Uliena on March 23, 2012, 02:22:52 PM

Do I understand correctly, if my idea on this is, that as long as I only collect bitcoins and don't exchange them for items or usd/eur I should not include them to my tax report?

This is pretty much what my accountant said word for word when I asked him. Sure if it's recognized as a currency that will change, but it isn't.

Xanax

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I think so.

awigaxeh-443

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buddy don't speculate, and no i doubt it will be put on a list as currency, usually anything the government can't control won't be given such luxury

payb.tc

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Quote from: awigaxeh-443 on March 23, 2012, 10:21:10 PM

Other currencies are not unrealized tax gains, those are already realized.

You should see BTC more as stocks, only taxable once sold.

as i said, governments will eventually put BTC in the list of 'currencies' if for nothing else but taxation purposes.

awigaxeh-443

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Other currencies are not unrealized tax gains, those are already realized.

You should see BTC more as stocks, only taxable once sold.

payb.tc

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Quote from: awigaxeh-443 on March 23, 2012, 03:08:06 PM

You can't tax unrealized capital gains.

if a US citizen accumulates millions of AUD, EUR, YEN, WON... is that just unrealized capital gains?

government will eventually include BTC in that list one way or the other, no matter how many try to argue that it's just a commodity, etc.

Stephen Gornick

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Related:
- http://en.bitcoin.it/wiki/Tax_compliance

awigaxeh-443

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You can't tax unrealized capital gains.

Uliena

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Do I understand correctly, if my idea on this is, that as long as I only collect bitcoins and don't exchange them for items or usd/eur I should not include them to my tax report?

awigaxeh-443

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How much are you guys paying in the USA?

payb.tc

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Quote from: ?? on ??

actually one of the thing i'm very curious about bitcoin was tax...

How can the government force tax on bitcoins? if you dont exchange and bitcoin was being use for transaction.

As for the bitcoin exchange, how do you file tax? do you get the account history and attach that in your "other" income box?

I bet most big miners (30ghs or above) wont file tax on their bitcoin "income"

it is only income once it is us dollars. its like growing corn. farms don't pay tax on 12 tons of corn. they pay tax on the amount they sold the corn for minus costs...

doesn't work like that in australia. you're supposed to declare any income earned and pay tax on it's AUD equivalent, whether you cashed out or not.

BadBear

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Yes I do, just look at the many times in history where major criminals were arrested for tax evasion in lieu of other evidence (Al Capone being a notable example). Don't want to give them any more reason to scrutinize my finances, I'd have a hard time explaining where a lot of my income comes from. Wink

awigaxeh-443

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Do you consider it as capital gains tax?

Topic: US citizens, do you pay taxes on bitcoin exchange? - page 3. (Read 5034 times)