Quote from: dmwardjr on January 21, 2016, 12:47:23 AM

Quote from: cryptichermit on January 20, 2016, 11:48:10 PM

Quote from: dmwardjr on January 20, 2016, 11:19:17 PM

The total number of such transactions exceeds 200.

Why not Mine to your own Wallet and just transfer to Fiat exchange such as Coinbase in large chunks when needed?
Avoid the 200+ transactions.

As for Tax purposes in USA, everyone should already be documenting their Fiat to BTC transfers and vice versa. Fiat to BTC would go into a "Hold" account. Then sales of BTC to Fiat would be removed from "Hold" account. If more comes out than goes in, it becomes Capital gain and declared as such. If you have sold all BTC and are under than you'll file a capital loss. This should be done regardless of documents received as an audit will make resolution of those transactions a necessity. 1099k will put you under the microscope for audit for sure. #1 cause for small business audit is discrepancy of reported income vs sum total of 1099's reported. You'll need all your ducks in a row because an audit is highly likely if they are reporting all transfers as "payments" on the 1099k and you are not including those transfers in your over all "earned income" field.

Totally agree...

Thats all pretty disgusting. I am in Canada, and i use it in a similar way, but the way BTC is defined in the law is pretty vague and only a capital gain should have to be declared so its pretty easy to do whatever as long as you declare your real BTC profits as a other source of income.

I really wish it does not become like that in Canada in the future.