Quote from: Stratobitz on March 26, 2014, 04:29:45 AM

Quote from: iambk on March 26, 2014, 04:27:30 AM

Quote from: Stratobitz on March 26, 2014, 04:24:45 AM

Quote from: iambk on March 26, 2014, 04:23:41 AM

Quote from: sykal on March 26, 2014, 04:07:19 AM

Quote from: amspir on March 26, 2014, 04:00:52 AM

Quote from: sykal on March 26, 2014, 03:51:28 AM

That doesn't really tackle my point regarding that you don't know what your gains are, because you don't know which coins you are exactly selling. If they are all fractional-mined at different values, you are getting profits or losses depending on WHEN they were mined. There is no way to track that information.

It would be pretty easy to write a script, using the blockchain API to iterate all the mining receive transactions during the tax year on the receiving address(es) and to get a historical exchange values from the same API. The databases exist for free of charge, and you most likely have a computer that could run such a script.

please re-read my posts regarding the question remaining, how do you know which cashed out BTC, are from which exact mined BTC.
It helps zero to know, you received x btc at x price.

You need to know, that xyz bitcoin was recieved at xx price, and those same xyz bitcoin fraction was sold at yy price.

I believe you can use FIFO, LIFO, or pick yourself the associations. Same as with stocks.

FIFO requires a ruling from the IRS for your company... It would put you on the radar.

what?

All I'm saying is that you can pick yourself which BTC purchases match up to which BTC sales, just like with stock.

No you can't. It's LIFO.

My understanding is that stocks are taxed FIFO unless you designate to your broker which shares you're selling at the time of the sale. If you designate at the time of the sale then you can pick whichever shares you want.

With BTC there isn't a broker so I assume you simply need to document your decision but I'm not a tax lawyer so I'm not really sure.