Quote from: keithers on October 09, 2014, 11:55:17 PM

Quote from: charliemaggot on October 09, 2014, 07:07:10 PM

Quote from: axel2078 on October 09, 2014, 05:22:48 PM

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.

Quote from: axel2078 on October 09, 2014, 05:22:48 PM

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.

Mark my words, coinbase.com will be the first crypto web wallet site to start issuing 1099s to their users. They are basically like the paypal of cryptos.

Taxation is the only reason governments are really looking at regulation. At the end of the day, they really don't care if a few people are using it to buy drugs. If they can tax the sale of the drugs, they will be more than happy.

I think the government will start getting a lot more serious about taxing/tracking bitcoin transactions once corporates start using it widely. They wouldn't want any revenue to go under the radar.