Quote from: greenlion on March 28, 2014, 06:04:53 AM

Quote from: joae1975 on March 28, 2014, 04:06:44 AM

If you never sell any btc, you need not report anything.

The guidance pretty explicitly says this is not true, although this is exactly what most people probably would've thought before. Income tax on the mined Bitcoins themselves is paid upfront based on fair market value regardless of what you do with them per the published guidance, but that fair market value then later serves as the basis if you trigger a taxable event that produces capital gains.

You know what's really fucking scary? He's paying a CPA and even she doesn't know this shit.