Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing.
by
franky1
on 28/03/2014, 02:26:55 UTC
i see an error in the examples given

The US Government now oversees all possible entry points into Bitcoin from US Dollars, sales over $300.  

So to buy a $2 coffee, I need to expend more effort than the coffee is worth.

if the coffee was $302. then yes they want to see your accounts for it.

if the coffee was $2, then its not worth their time.

so only account for items over the $300 threshold (if thats the threshold them yanky IRS guys have set)

a prime example. if your relative gives you $10 in a birthday card. would you declare it.. if your relative gives you a rusty old car for $500 and you sell it, would you declare that.

thats the questions you should ask yourself and your accountant when it comes to declaring tax on bitcoin earnings