Quote from: LeonGeeste on July 22, 2011, 04:33:23 PM

Quote from: SgtSpike on July 22, 2011, 04:08:36 PM

Quote from: ctoon6 on July 22, 2011, 03:38:55 PM

Did anyone mention that you do not have to file taxes as long as you do not make over a certain amount? even if you solved 1 block youself, you still would not have made enough to pay any taxes in any state. this also assumes you do not make any money elsewhere.

But the easy solution is to simply "forget" that you made money via bitcoin when the 1st rolls around Roll Eyes

$600 is the taxable minimum. A block = $13.6 x 50 = $680. And technically, since you received the "value" of those "credits" during the tax year, even though you didn't sell them, you should report it as income with the basis equal to the value of the coins at the time of acquisition.

I'm going to made a SWAG at this point that if you actually declared X Bitcoins as income on your taxes, the IRS would just go, "WTF? Whatever" and move on. That may change in the future.

Not necessarily. I believe they would consider bitcoins to be credits in an unregistered barter exchange, which counts as taxable income as soon as you receive them.

That said, I'm not going to report them that way unless requested by an auditor. It would just be a mess trying to account for them.