What if I receive a small amount of bitcoins (even if it's just a few cents worth) from a bitcoin faucet, does that also count as income?
*roll eyes* In Canada no, until you convert it to Fiat. In some places yes. But its not like you can declare that you received 0.0001$. You can add 0.01$ to your "Other income" field if it would make you feel better.
Are you trolling?
I'm not trolling, I am being serious and i'm sorry for sounding like an idiot.
You can sound all you want
It just didnt seem like a serious question.Its a bit like asking if you should declare the Penny you found on the ground. I guess you could technically count it as income.
Anyways. I think in the US, you're suppose to declare your total in and out of BTC, but when they said that, i'm not sure they understood how BTC work.
Sure its "possible" but its hardly trackable because no private address is solely attributed to one identity. I think we have a long time before BTC gets regulated that much.