"BTC classified as 'property' and should be taxed as such.."
- Thread starter HiGhPeR
- Start date
Capital gains are already taxable for any type of investment, even gold. If you sell your gold bullion for higher than you bought it, your profit is taxable.
Damn this sucks. 1 of my friends has over $95,000 USD in bitcoins. Im going to ask him if he's going to pay taxes on it now after this IRS announcement.
PAY YOUR TAXES BROS!
Let's break this down, there is good and bad here.
First the bad: The treasury & FINCEN require bitcoin companies to register like they are handling a currency, paying money transfer access where necessary, and always strictly IDing their customers for the sake of AML & KYC laws.
The IRS is a department of the treasury. So if the IRS says we're using commodities, and the Treasury says we're using a currency, they get to give us the worst of both worlds and penalize everyone for even touching a bitcoin basically.
PAY YOUR TAXES BROS!
Miners are being hit twice by these laws, despite the fact that no one can ever prove you mined a thing until you sell it.
1. They must include the fair market value of the virtual currency on the day that it is mined into their gross income!
2. Because it's an asset, capital gains are due on the sale of bitcoins viewed as a capital asset. (Businesses that mine professionally)
This all sounds extremely bad when you look at the facts, and clearly the IRS wants a piece of bitcoin as if we didn't all see that coming years away.
But once again, I see this as excellent news.
PAY YOUR TAXES BROS!
Bitcoin was designed from the 1's and 0's up to be exactly what these laws can't track.
This will be cryptoanarchy's finest moment boys n girls; large numbers of people across the nation are going to start feeling NORMAL about evading taxes.
NOT THAT I EVER WOULD OF COURSE!
But many will. And it'll feel justified because right out of the gate the IRS is cheating by classifying it differently at different times to their advantage. That was a dick move that will haunt them.
PAY YOUR TAXES BROS!
Mark my words well; you're going to see a ton of new tech for hiding bitcoin transactions over the next few weeks. Mixers, Tumblers, CoinJoin, and the rising star is called a "Stealth Address." -These will not be just for the Silk Road goer any longer; Wallets like Dark Wallet are going to all include them as default settings before summertime.
At that point, the IRS will only know about coins that have gone in or come out of the system they control, such as at a registered exchange following KYC laws.
...So you can bet your bottom bitcoin that those exchanges will get less and less business while unregistered, or even decentralized exchanges get more and more.
It's an exciting time to be alive.
And remember, PAY YOUR TAXES BROS!
Let's break this down, there is good and bad here.
First the bad: The treasury & FINCEN require bitcoin companies to register like they are handling a currency, paying money transfer access where necessary, and always strictly IDing their customers for the sake of AML & KYC laws.
The IRS is a department of the treasury. So if the IRS says we're using commodities, and the Treasury says we're using a currency, they get to give us the worst of both worlds and penalize everyone for even touching a bitcoin basically.
PAY YOUR TAXES BROS!
Miners are being hit twice by these laws, despite the fact that no one can ever prove you mined a thing until you sell it.
1. They must include the fair market value of the virtual currency on the day that it is mined into their gross income!
2. Because it's an asset, capital gains are due on the sale of bitcoins viewed as a capital asset. (Businesses that mine professionally)
This all sounds extremely bad when you look at the facts, and clearly the IRS wants a piece of bitcoin as if we didn't all see that coming years away.
But once again, I see this as excellent news.
PAY YOUR TAXES BROS!
Bitcoin was designed from the 1's and 0's up to be exactly what these laws can't track.
This will be cryptoanarchy's finest moment boys n girls; large numbers of people across the nation are going to start feeling NORMAL about evading taxes.
NOT THAT I EVER WOULD OF COURSE!
But many will. And it'll feel justified because right out of the gate the IRS is cheating by classifying it differently at different times to their advantage. That was a dick move that will haunt them.
PAY YOUR TAXES BROS!
Mark my words well; you're going to see a ton of new tech for hiding bitcoin transactions over the next few weeks. Mixers, Tumblers, CoinJoin, and the rising star is called a "Stealth Address." -These will not be just for the Silk Road goer any longer; Wallets like Dark Wallet are going to all include them as default settings before summertime.
At that point, the IRS will only know about coins that have gone in or come out of the system they control, such as at a registered exchange following KYC laws.
...So you can bet your bottom bitcoin that those exchanges will get less and less business while unregistered, or even decentralized exchanges get more and more.
It's an exciting time to be alive.
And remember, PAY YOUR TAXES BROS!