Post
Topic
Board Armory
Topic OP
Need a new feature: BTC Value at time of transaction for Tax purposes
by
Rock6.3
on 25/03/2014, 21:12:37 UTC
Now that the IRS has weighed in on the taxability calculations for U.S. residents http://www.cryptocoinsnews.com/2014/03/25/irs-virtual-currency-guidance-bitcoin-treated-as-property-u-s-federal-tax-purposes/

Quote
Q-8:  Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities?

A-8:  Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.  See Publication 525, Taxable and Nontaxable Income, for more information on taxable income.

Would it be possible for Armory to include a table of BTC Value as of the time of transactions?