Quote from: tagged on March 06, 2014, 10:25:35 AM

Quote from: illiki23 on March 06, 2014, 05:02:30 AM

Quote from: GPU Coin on March 06, 2014, 04:52:50 AM

I found out that if I accept commodities as payment I personally don't have to collect tax on anything sold within the state of VA and it's up to the person who purchased the item to claim the item and pay taxes on it in their state.

This is a little confusing, could you please clarify:
Are you not going to collect tax? By commodity do you mean GPUCoin?
Will customers have to deal with taxes on their own?

When you "mine" a Bitcoin or any other crypto, according to my CPA, you do not have to pay taxes. When you convert those coins to anything of value (not another crypto) THEN you have established a value for the coins and would need to pay capital gains on those coins with an acquisition cost at that point of 0 (and then take off cost of electric, possibly cost of mining rig unless you are depreciating it).

This information is according to how my CPA is readying into current laws, this post should not be considered tax advice, rather an example of how I am claiming taxes.

Your CPA agrees with my CPA.