Quote from: vpitcher07 on April 16, 2014, 12:31:02 PM

fuck me i forgot to report my $10 income from mining. Damn now i have to go sacrifice my soul to the IRS.

You guys are ridiculous.

The IRS doesn't care how many bitcoins you have. They don't care about your frickin' blockchain!!!!! It's just like they don't care how many beanie babies you have stored in your garage! You can have 1,000,000 bitcoins in your wallet and the IRS won't care. You don't owe them a dime for that.

They will only see transactions going in and out of your bank accounts. If there is high activity or high dollar amounts, the IRS will question it. Or if they see big purchases you've made, the IRS will question it. That's it!

If you made $10 income from mining, it's just like having a lemonade stand and making $10. The IRS doesn't give a crap about it.

If you're able to keep everything you do in bitcoins and cash without going through any bank accounts or leaving any paper trails - you'll most likely fly under the radar to the IRS. But if you pay cash for anything large, like a car, it will be reported by the car dealer, then the IRS will look into everything you do. So, you CAN fly under the radar for most things, but live a real life, and you'll find out you can't. You can't get a loan unless you have a credit record, which means you need a bank account, etc. etc.