Quote from: nazban on March 31, 2014, 06:48:23 PM

One thing that tells you this article is point blank retarded...

They talk about taxing each bitcoin you have differently based on how much it was when you bought it etc. There is no way of tracking this and this is not how the taxes work. If you trade BTC for BTC you don't get taxed. If you spend BTC for services and goods there is NO TAX.

If you cash out 1 million dollars worth of BTC to USD you better believe you need to pay taxes and if you think you did not have to do this before the IRS announcement you don't make shit in the first place so don't worry about it.

you buy 10 shares of apple stock $700, then bought 10 more shares at $400. You sell 15 shares of apple stock at $600, then bought 15 shares again at $500 later. Guess what? they are tracked EXACTLY like that. You need to figure out your cost basis individually even if it's the same stock.

This is what the IRS ruling does to bitcoins, you need a better understanding before calling the article retarded.