Quote from: Phoenix1969 on March 24, 2014, 05:02:21 PM

Quote from: Minor Miner on March 24, 2014, 04:08:41 PM

Quote from: Phoenix1969 on March 23, 2014, 06:02:19 PM

Last statement from FINCEN about BTC taxes was that trading would be taxed, and mining was not threatened yet.
It was on coindesk. But Time will tell.... btw... Taxes are NOT retro-active in USA brah, they never are. You cannot be taxed on your 2013 btc earnings unless you willingly give it away to them. There is no guideline in place yet, and when it is, it will be from then on, not reaching into the past, they cannot do that unless there was a guideline in place..
as they cannot just decide to tax you after the fact. Guideline comes first, then tax from then on.

This is off topic but this is completely wrong. FINCEN is about whether you need to register as an MSB. The IRS has nothing to do with this paper. You owe taxes on anything that you made income from (whether it is mining bitcoins or selling organic beets). Just because the beet farmer does not need to register as an MSB does not mean he does not need to pay taxes. You have misunderstood.

Post that new tax code then please.

It is my understanding that assets (in this case bitcoin) are not taxable until CONVERTED to dollars by sale or other means. Also, you can claim self employment and depreciate the machines used to mine. Not full cost, but over time based on their useful lifetime. If you go that route, you WILL need a CPA to check your figures and sign off on them, for the inevitable audit.