Quote from: Phinnaeus Gage on March 26, 2014, 05:01:55 AM

Quote from: cottoneyeJoe on March 25, 2014, 07:44:48 PM

So, if I mined through 2013 at an average price of say $200/btc and put my coins on gox, then lost them with gox's closure when the price was ~$500 then...

I pay income tax on the $200/btc mined coins - my mining equipment and electricity expenses

Can I then claim property loss at the price when gox closed?

Dear IRS,

I have X coins stored on Mt Gox, and would love to pay my capital gains tax, but can't due to Mt Gox having all my records locked up.

Would you be so kind as to have a federal judge subpoena their records and let me know what I owe?

Bestest,

John Q. Public

The IRS rules are clear. It is your responsibility to keep records. If you don't, fail to report any taxes, and found out during an audit, you could face fraud or negligence charges with civil penalties.

I suggest you file for an extension and hope MtGox gives access in the next 6 months.