Last edited Wed Mar 26, 2014, 09:34 PM - Edit history (1)
guess IRS figures it make more from taxing it as property vs. investment income.
so that means when Bitcoin appreicates, any gains taxable?
Huh.....found the answer:
The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.
Today’s IRS guidance will provide certainty for Bitcoin investors, along with income-tax liability that wasn’t specified before. Purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of gross income for the coffee shop.
This will require that all bitcoin users maintain extensive records of the dollar price of bitcoin when they acquired them compared to their value when they spent them. It is effectively a ban on using bitcoin as currency. Maybe one of the government’s cronies is already working on an IRS-version of a bitcoin wallet to track the movements of their livestock; but right now, with today’s technology, it would be impossible to use bitcoin as a currency and comply with these guidelines.
http://www.thedailysheeple.com/irs-makes-bitcoin-rules-simple-for-wall-street-impossible-for-everyday-users_032014
= new reply since forum marked as read
