Post
Topic
Board Legal
Re: Bitcoins and Tax
by
charliemaggot
on 09/10/2014, 19:07:10 UTC
One of the articles I read mentioned transactions consisting of $600 or more, so you're probably fine.  

There is no threshold for capital gains. The "$600" is often misunderstood, it is a form filing requirement for business and just not relevant to capital gains.

So will people be taken for taxes this year because of property?  Is there a small amount of coins you can sell without worrying, I have sold some through coinbase(probably under $200) should I even be worried at all?

Yes, just like last year and the year before, people will pay taxes on any gains they made selling or spending crypto-currencies.

There is nothing to worry about. When you spend a coin, you just need to know what you bought it for and when, so you can work out if you made a profit (or loss). You then declare that on your tax forms as capital gains/losses (Schedule D). The only time you can ignore it is if the gain is < $0.50, because you only report rounded whole dollars.

Coinbase has a Gains report, so just use that. Or use bitcointaxes.