Post
Topic
Board Legal
Re: Bitcoin Tax Logistics
by
Amph
on 06/05/2016, 06:34:45 UTC

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


You're talking about making payments, I'm not sure why, but we're talking about ordinary income and capital gains income. The former is irrelevant to OP.

Quote from: Amph
if you're a miners, ... and anyway every amount that do not surpass $600 per year, is not taxable

You started talking about mining income and now switched to making payments. All mining income is reportable and taxable. For B2B payments, then there is a $600 reporting requirement for issuing a 1099-MISC, but taxes are irrelevant.


are you sure? it say "Generally, a person who in the course of a trade or business makes a payment of $600 or more in a taxable year"

trade or business is assimilable to mining in my view, or they are not very clear here