I'm sure every american breaks at least 10 laws every day of the week,
American freedom is a joke, we have more laws than liberties.
I'm sure my ancestors who fought for our Independence would be appalled if alive today.
Topic: US taxes are owed whenever trading crypto - page 2. (Read 3201 times)
American freedom is a joke, we have more laws than liberties.
I'm sure my ancestors who fought for our Independence would be appalled if alive today.
I'm sure every american breaks at least 10 laws every day of the week,
American freedom is a joke, we have more laws than liberties.
I'm sure my ancestors who fought for our Independence would be appalled if alive today.
Quote
If you buy drachma with US dollars and then buy lira with your drachma are each of these considered "bartering" and thus a taxable event? I realize bitcoin isn't a currency in the US but wouldn't it fall under the same rules that currency traders are held to?
I think you kind of answered your own question. In the US, Bitcoin is considered an asset as opposed to a currency.
I just read the following Forbes article and it sounds like a "taxable event" has occurred in the US whenever any cryptocoin is traded for any other cryptocoin (even the same type of cryptocoin):
http://www.forbes.com/sites/cameronkeng/2013/12/16/bitcoin-is-not-anonymous-is-always-taxable/
I also didn't like the section on Foreign Bank Account Reporting:
"Bitcoins are everywhere and possibly nowhere. The problem with bitcoins is that it could be argued by the IRS that it is a value held overseas. The burden of proof is placed upon the taxpayer (AKA you). Unless you’re able to prove that your “bitcoins” are within the United States, then you may be required to file FBARs. The FBAR rules requires any United States person with at least one financial account outside the United States and has over $10,000 dollars in aggregate value overseas at any time to file. The penalties can be the greater of $100,000 dollars or 50% of the value underreported."
http://www.forbes.com/sites/cameronkeng/2013/12/16/bitcoin-is-not-anonymous-is-always-taxable/
I also didn't like the section on Foreign Bank Account Reporting:
"Bitcoins are everywhere and possibly nowhere. The problem with bitcoins is that it could be argued by the IRS that it is a value held overseas. The burden of proof is placed upon the taxpayer (AKA you). Unless you’re able to prove that your “bitcoins” are within the United States, then you may be required to file FBARs. The FBAR rules requires any United States person with at least one financial account outside the United States and has over $10,000 dollars in aggregate value overseas at any time to file. The penalties can be the greater of $100,000 dollars or 50% of the value underreported."
Oh dear god, I'm sure every american breaks at least 10 laws every day of the week, and if someone in a power position do not like you, they will crush you no matter what. I'm starting to understand why people want to disappear and start living in very remote places.
I just read the following Forbes article and it sounds like a "taxable event" has occurred in the US whenever any cryptocoin is traded for any other cryptocoin (even the same type of cryptocoin):
http://www.forbes.com/sites/cameronkeng/2013/12/16/bitcoin-is-not-anonymous-is-always-taxable/
I also didn't like the section on Foreign Bank Account Reporting:
"Bitcoins are everywhere and possibly nowhere. The problem with bitcoins is that it could be argued by the IRS that it is a value held overseas. The burden of proof is placed upon the taxpayer (AKA you). Unless you’re able to prove that your “bitcoins” are within the United States, then you may be required to file FBARs."
http://www.forbes.com/sites/cameronkeng/2013/12/16/bitcoin-is-not-anonymous-is-always-taxable/
I also didn't like the section on Foreign Bank Account Reporting:
"Bitcoins are everywhere and possibly nowhere. The problem with bitcoins is that it could be argued by the IRS that it is a value held overseas. The burden of proof is placed upon the taxpayer (AKA you). Unless you’re able to prove that your “bitcoins” are within the United States, then you may be required to file FBARs."
If you buy drachma with US dollars and then buy lira with your drachma are each of these considered "bartering" and thus a taxable event? I realize bitcoin isn't a currency in the US but wouldn't it fall under the same rules that currency traders are held to?
I just read the following Forbes article and it sounds like a "taxable event" has occurred in the US whenever any cryptocoin is traded for any other cryptocoin (even the same type of cryptocoin):
http://www.forbes.com/sites/cameronkeng/2013/12/16/bitcoin-is-not-anonymous-is-always-taxable/
I also didn't like the section on Foreign Bank Account Reporting:
"Bitcoins are everywhere and possibly nowhere. The problem with bitcoins is that it could be argued by the IRS that it is a value held overseas. The burden of proof is placed upon the taxpayer (AKA you). Unless you’re able to prove that your “bitcoins” are within the United States, then you may be required to file FBARs. The FBAR rules requires any United States person with at least one financial account outside the United States and has over $10,000 dollars in aggregate value overseas at any time to file. The penalties can be the greater of $100,000 dollars or 50% of the value underreported."
http://www.forbes.com/sites/cameronkeng/2013/12/16/bitcoin-is-not-anonymous-is-always-taxable/
I also didn't like the section on Foreign Bank Account Reporting:
"Bitcoins are everywhere and possibly nowhere. The problem with bitcoins is that it could be argued by the IRS that it is a value held overseas. The burden of proof is placed upon the taxpayer (AKA you). Unless you’re able to prove that your “bitcoins” are within the United States, then you may be required to file FBARs. The FBAR rules requires any United States person with at least one financial account outside the United States and has over $10,000 dollars in aggregate value overseas at any time to file. The penalties can be the greater of $100,000 dollars or 50% of the value underreported."
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