Quote from: tunafish on April 08, 2014, 06:13:38 AM

Quote from: cryptoanarchist on April 07, 2014, 04:35:44 AM

I will be starting a thread challenging the IRS to declare what I owe them in bitcoin capital gains. I want to prove to everyone that they don't have a clue.

Really? I think anyone that's familiar with including gains/losses on their tax return would find it pretty easy; and for anyone thats never done capital gains/losses would find it about the same difficulty as manually entering your 1099-D. I had to enter values from a 1-K from an LLC this year, now that was rough.
If you haven't kept records or have 1000's of trades and never looked at how much you've gained/lost then it might be cumbersome.

I haven't looked over the specifics of mining and how that applies though.
Have you asked anyone for help?

I think there are a ton of unanswered question with this ruling. For example, what if I buy one BTC at Coinbase this month for $500, move the coins to a wallet next month when they are worth $600, and finally move them back coinbase next year to sell them, when would I pay tax on them? To follow the blockchain as some people suggest, I'd be paying the tax every time I moved them. But that is crazy. If I buy a $5,000 Soyer painting, and I find out it's now worth 10k, I don't pay a tax on that gain because I moved it to a more secure room.

richiep41

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