White House Petition to AMEND IRS NOTICE 2014-2 Taxing virtual currency/Bitcoin - page 5.

Swordsoffreedom

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Leading Crypto Sports Betting & Casino Platform

Quote from: pungopete468 on March 29, 2014, 06:34:48 PM

I like it the way it is;

Bitcoin is property and each coin can be individually tracked by its hash.

You can design a wallet that will spend newest hash first to reduce your tax liability below where it would be as a currency...

You cannot be required to sell one property before another because property is not fungible...

That sounds fairly proper for treating Bitcoin what is the alternative suggestion or approach then

jc01480

hero member

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Nope..

How many ways can you split a hair exactly?

Beliathon

hero member

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Merit: 1000

https://youtu.be/PZm8TTLR2NU

Here's my "petition" to the IRS:

Oh, sorry... you can't buy a vowel. We only accept real money, not your worthless fiat clown-currency monopoly money.

pungopete468

hero member

Activity: 1470

Merit: 504

yup, but they won't get the necessary support because plenty of other people see it differently.

It's a burden for mining, however there are loop holes in that one too...

franky1

legendary

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Merit: 4755

i laugh at the panicking people that have not fully understood the ruling or the method of tracking/auditing. nor spoke to a accountant about it, but they simply start a petition to change something they dont understand.

pungopete468

hero member

Activity: 1470

Merit: 504

I like it the way it is;

Bitcoin is property and each coin can be individually tracked by its hash.

You can design a wallet that will spend newest hash first to reduce your tax liability below where it would be as a currency...

You cannot be required to sell one property before another because property is not fungible...

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: ManeBjorn on March 29, 2014, 06:27:47 PM

Everyone should sign the petition and spread the links. The IRS's recent ruling on how it will tax Bitcoin and crypto currencies are going to directly effect us all but especially negative is the requirement for miners.

Or just wait for their shitty money-grab campaign to hit the news, create enough bad publicity that they have to stop.

It's how we won the copyright war, and it's how we'll win the crypto-tax war.

ManeBjorn

legendary

Activity: 1288

Merit: 1004

Everyone should sign the petition and spread the links. The IRS's recent ruling on how it will tax Bitcoin and crypto currencies are going to directly effect us all but especially negative is the requirement for miners.

http://www.cryptocoinsnews.com/2014/03/29/white-house-petition-amend-irs-notice-2014-2-taxing-virtual-currencybitcoin/

Topic: White House Petition to AMEND IRS NOTICE 2014-2 Taxing virtual currency/Bitcoin - page 5. (Read 4388 times)