Quote from: dave3 on April 05, 2014, 03:56:28 AM

For miners, the bitcoins mined are now taxed as income using the market price at the time of mining as the basis. Even if you never sell the bitcoins.

wow.. i see you havnt spoken to an accountant.

you pay tax when you get your FIAT for that coin.. you work out the gain/profit or loss by looking at the fiat value of the bitcoin when mined and the fiat you receive when selling.

imagine you mined 1 bitcoin and you paid tax on todays valuation of $450. the tax is paid. what about when the price moves tomorrow. do you pay tax again on a rise. and ask for a refund on a drop. NO no no

now then. when you mine a bitcoin you wait until you have sold the bitcoin for coldhard fiat in your bank, then you look at the price value at the time of the fiat sale and you calculate that against the initial price at the time of mining..

you dont have to keep a log of every $ movement whilst hoarding, because the maths of adding and subtracting every movement would end up with the same total as just taking the numbers at the start and the end..

i seriously dont know why people are too lazy to speak to an accountant. but then think they have to do lots of work suddenly, when its not needed.

the mind boggles