Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32846.

Le Happy Merchant

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Quote from: NewLiberty on June 26, 2013, 12:19:18 AM

It doesn't even matter if it is BTC or USD$, if the VALUE goes over US$10K adding ALL foreign accounts of anything you have to file. So if you have US$5K in gold in Switzerland, and $5K worth of BTC, you are at the minimum to file.

I hold my bitcoins, I hold cash, I don't need to tell them anything if I had $10k worth of pounds in cash do I?

I could see the argument (however facile) that somebody storing $10k worth of BTC on gox has a foreign account worth $10k though.

solex

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100 satoshis -> ISO code

Quote from: Richy_T on June 25, 2013, 08:01:24 PM

More info here:

http://www.samizdata.net/2010/06/money-supply-th/

Great link. I hadn't considered the angle that the banks were deliberately disincentivized from lending, just that CBs were pushing on a wet string because households etc did not want any more loans. The advantage of QE is that government gets first use of money and can also fire-hose it directly into the economy through food-stamps and other entitlements.

In theory QE is meant to be unwound once the government runs a profit Huh

, by redeeming its maturing bonds held at the CB, with tax receipts, and have that money permanently out of circulation and "destroyed". LOL, a pipe-dream indeed!

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Voodah

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Quote from: NewLiberty on June 26, 2013, 12:33:04 AM

Quote from: Frozenlock on June 26, 2013, 12:23:34 AM

Quote from: NewLiberty on June 26, 2013, 12:19:18 AM

It is a Banking Secrecy thing.

Sounds more like anti-secrecy to me. Tongue

But then you can't call it "BS" eh?
http://www.irs.gov/uac/Money-Laundering-&-Bank-Secrecy-Act-(BSA)-Criminal-Investigation-(CI)

Touche.

NewLiberty

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Gresham's Lawyer

Quote from: Frozenlock on June 26, 2013, 12:23:34 AM

Quote from: NewLiberty on June 26, 2013, 12:19:18 AM

It is a Banking Secrecy thing.

Sounds more like anti-secrecy to me. Tongue

But then you can't call it "BS" eh?
http://www.irs.gov/uac/Money-Laundering-&-Bank-Secrecy-Act-(BSA)-Criminal-Investigation-(CI)

Frozenlock

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Activity: 434

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Quote from: NewLiberty on June 26, 2013, 12:19:18 AM

It is a Banking Secrecy thing.

Sounds more like anti-secrecy to me. Tongue

NewLiberty

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Gresham's Lawyer

Quote from: Voodah on June 25, 2013, 10:55:54 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 10:44:41 PM

Quote from: NewLiberty on June 25, 2013, 09:19:43 PM

A word to the wise:
http://www.forbes.com/sites/irswatch/2013/06/25/reminder-fbar-filing-due-by-june-30/

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

What has your accountant said about this? I will call mine tomorrow, but I was under the impression that the US Government still has not classified BTC as a currency which wouldn't require filing.

My understanding is that if there is $10,000 in the account at any point during the year you would need to file the form. So if you import BTC to Mt. Gox and sell it off for $10K, you have $10K in the account. Or if you transfer $10K to the account to purchase BTC.

So what happens when you buy BTC with those 10k and now you don't have 10k anymore and you're lying in your statement..?

How is this handled with forex?
( just curious, not an american..)

It doesn't even matter if it is BTC or USD$, if the VALUE goes over US$10K adding ALL foreign accounts of anything you have to file. So if you have US$5K in gold in Switzerland, and $5K worth of BTC, you are at the minimum to file.

Doesn't mean you owe any tax, you just have to file the paperwork.... but if you don't file it, and they call you on it, you have to pay a LOT. It is a Banking Secrecy thing.

fr33d0miz3r

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And... The new bulls & bears fight is coming in an hour Shocked

It's 8:21 AM here, I want to sleep... But no, I'll look at the show Cool

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: Nightowlace on June 26, 2013, 12:00:20 AM

Okay goodnight all. Sweet dreams of waking up to more coins.

By the time you get up they will all be mine. MUAHAHAHAHAHA- *cough, hack*

Nightowlace

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Okay goodnight all. Sweet dreams of waking up to more coins.

Nightowlace

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Activity: 980

Merit: 1001

Quote from: Nightowlace on June 25, 2013, 11:53:25 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 11:14:21 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 11:09:04 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 10:58:13 PM

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

lol could be. I'm really not sure. I think I read something from you before that made me think that.

I've actually gotten that before. I don't know what it is. Maybe I am just not the "typical" American.

Anyway's I would like for another whale war so I can scoop up some $100 coins.

That's probably good, because I think non-Americans have a bad idea about what a "typical" American is... Cheesy

(even Americans can have a bad idea about what a typical American is haha)

I would be careful scooping up $100 coins at this point...when it breaks $100 it can go much lower

Sadly I agree. We are a "have to have it right now without working for it, self absorbed, lazy, uneducated, throw away nation". American Idol contestants receive more votes than presidential elections. People care more about what is going on with the Kardashians than they do with our weakening economy, lack of jobs, and highly overstepping intrusive government.

It's too bad. Once upon a time this country stood for something, there were freedoms, the people decided. No they just cower in fear and allow all of our civil liberties get stripped away in the name of "protecting us from terrorists"

Oh I need to stop, I could go on for days.

I often find myself quoting posts and pics on social networks and adding the caption 'Merica! If you're from here you will understand.

ChartBuddy

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Nightowlace

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Quote from: QuestionAuthority on June 25, 2013, 11:51:36 PM

I'm looking for another drop to $2. Can anybody work that out for me. lol

I'd quit.

I've always though $50 was a great entry point for "new money" I stand by that. I would be happy at any price point between $50-$120. Once you cross either of those points without a strong global bitcoin economy, or volatile trading people sideline their fiat and watch the show. We need to continue our growth and steady increase in price. With that said I will still trade the shit out of bounces all the way up and down. However if we go below $50 I might sideline my fiat and watch the show myself.

Nightowlace

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Activity: 980

Merit: 1001

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 11:14:21 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 11:09:04 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 10:58:13 PM

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

lol could be. I'm really not sure. I think I read something from you before that made me think that.

I've actually gotten that before. I don't know what it is. Maybe I am just not the "typical" American.

Anyway's I would like for another whale war so I can scoop up some $100 coins.

That's probably good, because I think non-Americans have a bad idea about what a "typical" American is... Cheesy

(even Americans can have a bad idea about what a typical American is haha)

I would be careful scooping up $100 coins at this point...when it breaks $100 it can go much lower

Sadly I agree. We are a "have to have it right now without working for it, self absorbed, lazy, uneducated, throw away nation". American Idol contestants receive more votes than presidential elections. People care more about what is going on with the Kardashians than they do with our weakening economy, lack of jobs, and highly overstepping intrusive government.

It's too bad. Once upon a time this country stood for something, there were freedoms, the people decided. No they just cower in fear and allow all of our civil liberties get stripped away in the name of "protecting us from terrorists"

Oh I need to stop, I could go on for days.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

I'm looking for another drop to $2. Can anybody work that out for me. lol

Nightowlace

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Merit: 1001

Quote from: derpinheimer on June 25, 2013, 11:32:14 PM

Quote from: Nightowlace on June 25, 2013, 11:17:25 PM

For all those watching Moody I have the 25.34449000 @ $100.50 here's to hoping!

Now both of our bids are there [and someone else], we can be bidbuddies (until I panic cancel it)!

185.3077 100.50

That's awesome!

derpinheimer

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Activity: 896

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Quote from: Nightowlace on June 25, 2013, 11:17:25 PM

For all those watching Moody I have the 25.34449000 @ $100.50 here's to hoping!

Now both of our bids are there [and someone else], we can be bidbuddies (until I panic cancel it)!

185.3077 100.50

Nightowlace

hero member

Activity: 980

Merit: 1001

For all those watching Moody I have the 25.34449000 @ $100.50 here's to hoping!

Nightowlace

hero member

Activity: 980

Merit: 1001

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 11:09:04 PM

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 10:58:13 PM

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

lol could be. I'm really not sure. I think I read something from you before that made me think that.

I've actually gotten that before. I don't know what it is. Maybe I am just not the "typical" American.

Anyway's I would like for another whale war so I can scoop up some $100 coins.

Nightowlace

hero member

Activity: 980

Merit: 1001

Quote from: ?? on ??

Quote from: Nightowlace on June 25, 2013, 10:58:13 PM

Well next year is going to suck ass!

Didn't know you were from the U.S. Thought you were European for some reason.

I like to pretend I am European does that count? Haha.

I am usually on the forum pretty late. Hence the name. Maybe that's why?

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32846. (Read 26468419 times)