Quote from: vapourminer on May 26, 2024, 11:47:45 AM

Quote from: shield132 on May 26, 2024, 10:55:35 AM

Quote from: mindrust on May 25, 2024, 07:34:08 AM

The problem is, people didn’t know what to do with their gains on bitcoin back in the day. We are talking about the 2013-2014 era if I am not mistaken. During those years, what was the US’ position on bitcoin? Most legal authorities didn’t know what to do with it. Coinbase (the exchange) was only 1 year old. Bitcoin itself was 5 years old. Let alone the taxman, nobody really knew shit.

This is absolutely right, my lecturer was a woman who was in charge on these things and she told me that they simply didn't know what to do with Bitcoin and in my country, for that reason, she told me that she (and her team) lets people to not pay taxes because first of all, they don't know what to do with it and second of all, if people make money, let them make money without taxing only in this case, for a while.

not a lawyer or tax person but in the usa its pretty clear.. if you make profit you pay taxes. makes no difference how the profit was made.. tag sale, ebay, work, whatever. pay the tax on it in USD.

now long term vs short term gains etc might be an issue back then.

iirc my cpa had me report my gpu mined coin sales as straight income back around the 2013 timeframe. id have to check records to be sure.

That's insane, you pay taxes on your profit but no one compensates your losses, that's basically robbery. In my country we rarely pay taxes but recently more and more regulations and taxes have been forced, thanks to the EU.
Btw if you have to pay so many taxes in the USA, why do so many people cross the Mexico-USA border, and sell houses to move in the USA? Also as far as I know, the US citizen should pay taxes even if he moves to another country.

Quote from: DaveF on May 26, 2024, 05:09:50 PM

Not sure who told you that but it was 100% wrong.
Does not matter where income / profit come from it all has to be declared.
Always has been.

https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/

-Dave

I wasn't talking about the USA, I was talking about my country, Georgia.