Hi everyone
A few questions regarding the IRS ruling.
1. Is is final? i.e., when they ask for comments/questions does that mean they are seeking feedback on their initial view?
2. Where is the technical analysis to support the position that it is property and not a currency? The paper itself is cursory and contains almost no legal analysis to support the conclusion.
3. Can US taxpayers take a position it is currency and fight it out in the courts? i.e., I would think the IRS is not the arbiter of whether virtual currencies are property or not. It is a legal question rather than a decision to be made by the IRS?
I am a tax professional (outside the US) and would be very willing to assist in making submissions regarding this. The ruling is obviously not a good outcome and without seeing any legal analysis seems contrived to argue this is "property".
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yep i was told it was ....so.....me i only have 16k gross profit from btc from last year on 1 blockchain that is linked to bitstamp and coindesk and also
them nice forms i signed when i sent knc $$$ wire xfer over 10k saying i was not doing so for tax evading purpposes etc (i remember that line) of
course since cancelled the knc orders...but still one heck of a paper trail with the 2 fails at 1 bank the 1st time around
so yeah paying the tax folks in usa i am.....should never have registered stuff with bitstamp they also said when i registered it was to conform with
usa banking laws....so the fact i've thrown around 20-30k of bank wire xfers to knc (and since refunded this year) and the above
i'd be easy pickings imho for the IRS
yep...paying my taxes...but supposedly with equip etc home business etc i'll break even
with only mining and holding of all the btc coin i've ever made on one linked blockchain....and the wire xfers etc...i'd be dead meat in an audit
for the 25% taxes at worse on a 16k profit? i'll expense it out put it on taxes
got too much other real $$$ I could lose (or jail time) by playing the opposite
also imho this won't be fixed till after fall 2014 elections in the usa....the gov't is split on how to treat bitcoins
again imho
Searing