Quote from: bitcointaxes on May 05, 2016, 01:11:06 AM

Quote from: Amph on April 29, 2016, 05:00:17 PM

Quote from: bitcointaxes on April 29, 2016, 04:42:24 PM

Quote from: Amph on April 29, 2016, 10:33:08 AM

and anyway every amount that do not surpass $600 per year, is not taxable

This is wrong. There are no limits for capital gains in the US, everything is reportable. You are confusing the 1099-MISC business form requirement.

See https://bitcoin.tax for more information and to help calculate your capital gains and income.

i said not taxable not not reportable, which is vastly different

They are both taxable and reportable.

no it's not taxable only reportable if above 600 https://www.irs.gov/pub/irs-drop/n-14-21.pdf

Is a payment made using virtual currency subject to information reporting?
A-12: A payment made using virtual currency is subject to information reporting to the
same extent as any other payment made in property. For example, a person who in the
course of a trade or business makes a payment of fixed and determinable income using
virtual currency with a value of $600 or more to a U.S. non-exempt recipient in a taxable
year is required to report the payment to the IRS and to the payee. Examples of
payments of fixed and determinable income include rent, salaries, wages, premiums,
annuities, and compensation.
Q-13: Is a person who in the course of a trade or business makes a payment
using virtual currency worth $600 or more to an independent contractor for
performing services required to file an information return with the IRS?
A-13: Generally, a person who in the course of a trade or business makes a payment
of $600 or more in a taxable year to an independent contractor for the performance of
services is required to report that payment to the IRS and to the payee on Form 1099-
MISC, Miscellaneous Income. Payments of virtual currency required to be reported on
Form 1099-MISC should be reported using the fair market value of the virtual currency
in U.S. dollars as of the date of payment. The payment recipient may have income
even if the recipient does not receive a Form 1099-MISC. See the Instructions to Form
1099-MISC and the General Instructions for Certain Information Returns for more
information. For payments to non-U.S. persons, see Publication 515, Withholding of
Tax on Nonresident Aliens and Foreign Entities.