Quote from: amspir on March 26, 2014, 10:47:27 PM

Quote from: aztecminer on March 26, 2014, 10:11:24 PM

Quote from: amspir on March 26, 2014, 08:56:25 PM

Quote from: sykal on March 26, 2014, 08:44:12 PM

Since they are looking at capital GAINS to tax...if you sell your BTC as SOON as you mine them....don't you effectively never owe the IRS a dime?

Not on capital gains. You still owe tax on net earned income (value of BTC reward - mining expenses).

thought bitcoin wasnt a currency ?? sounds like its a currency to me ?? otherwise why not tax it when it is turned into fiat like any other 'investment' ?? it sounds like they don't like people mining ... and anything the govy doesnt like u to do is a good enough reason to be doing it. they don't like us hoarding gold and silver either. if i find a gold nugget in my backyard do i pay taxes on it when it is still a gold nugget or do i pay taxes on it when i turn it into fiat ?? i dont really know the answer to that question . taxing bitcoin mining sounds like a govy scheme to me.

Wow, this is frustrating. If you want to be legally compliant in paying your taxes, you pay regular income tax on what you make from mining, then pay a lower rate on capital gains made from the price going up. The IRS ruling did miners that intend to legally pay their taxes a favor. If you wanted to pay (higher) regular income tax rates on when realize a profit after selling your mined bitcoins within the same tax year, I'm sure the IRS is not going to complain.

If you find gold in your yard, you are legally required to pay a tax. I just read an article about a guy that found 20 million USD worth of gold coins on his property, and was required to pay regular income tax on the find, after he lost his court case against the IRS.

If you plan to evade paying your taxes, that is between you, your god, and the IRS.

evading paying taxes would be a dumb thing to do. i can think of much better plans than that. i am just questioning this because i am not really a tax guru. i only know about taxes based upon my own experiences thus far. i dont have experience in paying taxes on bitcoins. so everytime we get a bitcoin payout from our pool we need to go look up it's value on bitcoin charts at the that time to figure out its worth. its going to be an accounting nigtemare. we should not do auto payouts now of .01 bitcoins or whatever and instead we should do only manual payouts now based upon when bitcoin takes a dip ?? obviosly they don't know much about bitcoin mining. well anyways soooooo they did us a favor ?? what a relief . i was really worrying over that.

i assume the guy with the gold in his backyard would have to pay taxes on it.. i am just not sure when he pays the tax. if i found a gold nugget in my backyard i wouldnt say anything about it until i went to turn it into fiat.