Quote from: AT101ET on January 12, 2017, 08:56:37 PM

Quote from: west man4 on January 12, 2017, 05:06:08 PM

Quote from: AT101ET on January 12, 2017, 04:49:18 PM

I'm not entirely sure what the law is but would it really make a difference what tax you pay depending on how you sell it?
If you want to keep it legal then selling it for cash one way or another would mean you'd need to report your earnings and pay any consequent tax on that.
If you want to avoid unnecessary fees though you can post on localbitcoins and sell BTC in person for cash.

You remember bitinstant?
They tried to do this on a large scale and got caught in laws of us.
Nobody can do this because of taxation and money laundering laws.
It is not just not possible.

It is possible if you're operating on a small scale.
Just make sure to disclose your earning and keep a record of all transactions as proof for filing your tax returns. It would be best to speak with a financial advisor to be certain but if you play by the rules they can't hold you down...

But financial advisors know anything about bitcoin or how to handle it when it comes to tax season?
I would think if it above $2000 USD they would just treat it like a commodity instead of a currency.
I do not think their are any U.S laws put into place to deal with filing with bitcoin for tax purposes.