Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32847. (Read 26468422 times)
June 25, 2013, 10:58:27 PM
June 25, 2013, 10:58:13 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.
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.
It actually says exceeds $10,000. Wonder if I file if I were to have exactly $10K and not a cent more.
Well next year is going to suck ass!
June 25, 2013, 10:55:54 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.
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..)
June 25, 2013, 10:44:41 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.
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.
June 25, 2013, 10:43:25 PM
Im going to pretend yesterday never happened, because it made absolutely no sense that bids and asks filled in quickly enough to hold off constant 4k-8k market orders in both directions..
CONSPIRACY!
Whale humping. Some iceberg order bot running amok. Whatever. Time will tell. CONSPIRACY!
June 25, 2013, 10:22:08 PM
All hail for the great evil empire.
taxes, Taxes, TAXES!!!
June 25, 2013, 10:21:03 PM
Im going to pretend yesterday never happened, because it made absolutely no sense that bids and asks filled in quickly enough to hold off constant 4k-8k market orders in both directions..
CONSPIRACY!
CONSPIRACY!
June 25, 2013, 10:18:02 PM
Will there be a round 2 of yesterdays madness? I don't think i can take it.
June 25, 2013, 10:05:45 PM
More simultaneous market order buy/sell retardation? Anyone catch how much was sold versus how much was bought of that 1k bump about a half hour ago?
June 25, 2013, 09:23:59 PM
All hail for the great evil empire.
As much as I hate being the bearer of evil tidings, I really love you all and don't want to see you hurt by what you don't know.This also may be some of the reason for the recent price drop. US folks taking some out to pay off the tax?
June 25, 2013, 09:20:57 PM
All hail for the great evil empire.
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.
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.
June 25, 2013, 08:16:48 PM
Well, if you really want the global view on money. Here is the fresh info:
http://www.bis.org/publ/arpdf/ar2013e.pdf
The Central Banks of the world, their relative debt levels, change over the last few years, etc.
its on www.bis.org
If you want it in French, German, Italian or Spanish.
June 25, 2013, 08:01:24 PM
June 25, 2013, 07:56:25 PM
It's worse. Government is actually paying banks not to lend the money out.
June 25, 2013, 06:49:56 PM
Quantitive Easing is deployed with a goal of increasing inflation sure, but do you disagree inflation is pretty much inherent in any monetary system since the concept of money was deployed?
Yes I disagree. What do you expect from someone named Discordia?
What about monetary systems based on the gold standard which have provided stable prices for decades and centuries (punctuated by outburst of price inflation during wartime episodes mostly)? What about a system based on Bitcoin? I dare say most monetary systems are not inflationary...it's just that currently the fiat monetary system (which is inflationary) is ubiquitous.
Oh there might be some confusion about inflation. It helps when we clarify whether we're talking about monetary inflation (which is easy to pinpoint by definition) or price inflation (which is harder to distinguish and even harder to describe how it works).
Since I find monetary inflation to be a much more useful concept than price inflation, that's what I'm looking at. And what I see is that Quantitative Easing = adding to the money supply = monetary inflation. Feel free to disagree.
I'm confused
I think we're basically saying the same thing?Yeah, a system based on bitcoin would be great. But we're not there yet. Money we'd need to at least plug in and have power running to use is cool but stable physical legal tender for now will will rule. I'm hoping for wireless charger tech to take over so everywhere we walk in cities/ towns we're juicing up wirelessly and never have to recharge our portables. Bitcoin would fit great there, and MTgox would still suck.
I don't disagree and typing this post made me miss this jump in price!
To be more exact, quantitative easing is CB printed money intended to replace the credit money which normally appears in a debt-based economy by new bank loans. It is not yet inflationary because the fall-off in new loans since the credit crisis began is greater than the amount of QE.
This is also why interest rates are near zero, to encourage new loans. The problem with this CB meddling is that the reason new loans have fallen off is because consumers, households and companies all realize that too much borrowing has occurred, is unsustainable, and want to pay down debt.
If governments ran balanced-books they would agree, but they are debt-addicted too, and can't tolerate deflation because it makes their own debts larger in real terms and even more unsustainable.
June 25, 2013, 06:39:26 PM
Quantitive Easing is deployed with a goal of increasing inflation sure, but do you disagree inflation is pretty much inherent in any monetary system since the concept of money was deployed?
Yes I disagree. What do you expect from someone named Discordia?
What about monetary systems based on the gold standard which have provided stable prices for decades and centuries (punctuated by outburst of price inflation during wartime episodes mostly)? What about a system based on Bitcoin? I dare say most monetary systems are not inflationary...it's just that currently the fiat monetary system (which is inflationary) is ubiquitous.
Oh there might be some confusion about inflation. It helps when we clarify whether we're talking about monetary inflation (which is easy to pinpoint by definition) or price inflation (which is harder to distinguish and even harder to describe how it works).
Since I find monetary inflation to be a much more useful concept than price inflation, that's what I'm looking at. And what I see is that Quantitative Easing = adding to the money supply = monetary inflation. Feel free to disagree.
I'm confused
I think we're basically saying the same thing?Yeah, a system based on bitcoin would be great. But we're not there yet. Money we'd need to at least plug in and have power running to use is cool but stable physical legal tender for now will will rule. I'm hoping for wireless charger tech to take over so everywhere we walk in cities/ towns we're juicing up wirelessly and never have to recharge our portables. Bitcoin would fit great there, and MTgox would still suck.
I don't disagree and typing this post made me miss this jump in price!
June 25, 2013, 06:32:56 PM
ups so it was a nice purchase on MtGox
June 25, 2013, 06:18:08 PM
Bitstamp going down.
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