Quote from: odolvlobo on April 15, 2014, 08:10:07 PM

Quote from: siggy on April 15, 2014, 05:01:49 PM

Quote from: BitchicksHusband on April 15, 2014, 04:45:07 PM

That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?

Have to agree here... I saw people going all apeshit over the initial ruling and just can't get my head around why... Doesn't everyone (well us Americans anyways) realize that this was the BEST realistic tax treatment for bitcoin? Classifying Bitcoin as currency means the majority of Americans will pay MORE in taxes. The only thing that could have been better was a ruling of no-taxes.. and I do not consider this a realistic hope.

Sigg

You aren't thinking this through. Treating bitcoins as property for tax purposes makes it hard to spend. If it is hard to spend then nobody will use it. If nobody uses it, then it's value will be 0, and your investment will be worth nothing.

You aren't thinking this through. Treating bitcoins as currency for tax purposes makes it hard to spend. If it is hard to spend.......

Most Americans are at least familiar with how capital gains work. How many Americans actually know how to report foreign currency transactions? Do YOU know all the reporting requirements for foreign currency transactions? Assuming someone wants to be legit on his taxes it is much easier and cheaper for the average american if BTC is property, not currency. Heck, I'd wager a significant portion of tax PREPARERS aren't completely up on all the FOREX reporting requirements.

This of course assumes that the average american actually wants to correctly pay their taxes. If not, then both our opinions are moot.