You say that like it's a bad thing. I HATE paying taxes, but the rules are the rules. If you don't like them fight to change them don't complain about them.
Well, who is going to want to EVER use bitcoin for small purchases if they have to keep track of capital gains on the amount of the transaction? no one is. that's not how an economy works. imagine if you had to report to the IRS every time you ever put gas in your car and account for any changes in the value of the us dollar for every one of those purchases...
Nobody, the same way a lot of people don't report a lot of things.
You say that like it's a bad thing. I HATE paying taxes, but the rules are the rules. If you don't like them fight to change them don't complain about them.
Well, who is going to want to EVER use bitcoin for small purchases if they have to keep track of capital gains on the amount of the transaction? no one is. that's not how an economy works. imagine if you had to report to the IRS every time you ever put gas in your car and account for any changes in the value of the us dollar for every one of those purchases...
If I pay you $65 to wash and wax and detail my car you are supposed to declare that as income.
running a business is different than being a consumer.
Didn't make myself clear with that. It's not running a business, it's Larry the person showing up to wash Dave's car. Not Larry's detailing shop.
If I give you 1 gram of gold (worth about $65) you are still supposed to declare it if you convert it to fiat.
i'm not sure about gifts. i heard gifts are not taxable up to a certain amount.
Once again, me not being clear, I was saying if I gave you the gold instead of cash for the car wash.
Hi Larry :-)
I think, and I don't want to put words in you mouth here, that we both think the rules are ridiculous, hard to follow and just stupid.
Personally, I have been complaining about the rules for so long that I stopped doing it and just keep poking the politicians.
-Dave