Ninjastic
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Board Bitcoin Discussion
Re: Bitcoin is doomed. Thanks IRS!!! You Ass hats!
by
RodeoX
on 27/03/2014, 16:22:03 UTC
Quote from: seriouscoin on March 27, 2014, 03:08:59 PM
Quote from: RodeoX on March 27, 2014, 02:47:41 PM
Quote from: hello_good_sir on March 27, 2014, 02:40:30 PM
Having bitcoin classified as property rather than currency is the best possible scenario.  The capital gains tax rate is 0% for most people.  0%... hard to beat that.
That is my rate this year. I was a little surprised and a lot happy. I pay dearly for the money I earn from working, but nothing this year for bitcoin. Thanks IRS, my 0% tax rate makes me 100% satisfied.

Can you elaborate on this? How is it 0%?
Just as you would expect, it is an overly complicated calculation based on your income and tax rate. But just filling out the forms and following the rules that was the result. It would have come out differently depending on how much I spent. In the future I may hire a tax pro to help me discover how much I can spend each year and keep my tax burden bottomed out.