Quote from: Robert Paulson on March 26, 2014, 09:24:55 PM

Quote from: LMGTFY on March 26, 2014, 09:19:45 PM

Quote from: Robert Paulson on March 26, 2014, 08:58:24 PM

no this thread is not pointless.
i don't have to keep track of any capital gains when i use fiat currency why should i do so with bitcoin.
this is a clear attempt by the government to make bitcoin unattractive to use as money.

Are you sure? I'm not familiar with US tax laws, but in the UK I'm fairly certain I need to keep track of any capital gains I make (or lose) when I trade fiat.

when you buy coffee with USD you don't need to check if the dollar index was higher or lower when you obtained the USD.
but as of this new legislation you do have to do this with bitcoin.

Sorry, my mistake (I've been catching up in the meantime) - I hadn't realised the scenario was a coffee. I guess all I can do is echo the earlier "speak to a tax professional": I doubt HMRC would require reporting a coffee on my tax return, but I genuinely don't know - and the IRS may well be much stricter anyway. Personally, I wouldn't mention that hypothetical coffee to my accountant.