Let's Bitcoin takes off. Say you lived in the US and had an online service that dealt in the equivalent of ~20,000 USD or more income for you (personally). What are the laws for income tax on a currency like this? Can you get in trouble with the IRS by simply having tons of BTC that the market values at (currently) almost 5$ per BTC?
for now there is no tax that can bind the bitcoin that happens in my country, maybe because the government has not fully formalize bitcoin into the official currency that can to conduct transactions, maybe if the government legalize bitcoin there will be a tax that regulate it