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New IRS rules announced

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ShonnyConstant

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I don't see much of a surprise here? Any opinions? There's a nice Q&A on Wall Street Journal.

Posted on March 25, 2014 at 6:40 PM

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• ShonnyConstant

  

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  http://m.us.wsj.com/articles/BL-TOTALB-1685

  Posted on March 25, 2014 at 6:43 PM
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• GhostInTheBlockchain

  

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  Here is a link to the official IRS document:  http://www.irs.gov/pub/irs-drop/n-14-21.pdf
  
  Kind of a mix of good news/bad news.  I have a hard time believing people will track every bitcoin purchase and determine if they experienced a taxable gain or  itemizable capital loss.
  

  Posted on March 25, 2014 at 8:26 PM
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• ShonnyConstant

  

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  Sure. For the people intent on scrambling their accounts, I don't see where they'll have big problems.

  Posted on March 25, 2014 at 10:16 PM
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• ShonnyConstant

  

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  I agree with your summary from top to bottom. I trust that accounting software will indeed pop up relatively quickly now that something has been established.

  As I've not been mining, I won't have nearly the trouble with that front. The price differential for capital gains is what I expected. If anything, there's a slight benefit in not having to hold onto it for a perio of time, as with stocks, in order to go from income tax status to capital gains. Small blessings I suppose.

  Posted on March 26, 2014 at 1:18 AM
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• ThinkTank

  

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  First it was every one needs a MTL money transmitter lic, this property approach is trying to get their piece of the ecosystem by taxing each transaction as gain or loss, which I think will be hard to enforce but is clearly present at the end of the ecosystem, think coin base ACH transfers, good luck with a local or in person transaction.

  Posted on March 26, 2014 at 5:49 AM
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• chenhuazhen

  

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  At least IRS new rule says the bitcoin is property. 

  Posted on March 28, 2014 at 3:25 AM
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• ShonnyConstant

  

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  I feel like there's a race between an expansion to legitimacy, and the banking lobbies pushing it into the underground. I believe in the technology regardless, but all of the public freedom we can retain and build on is extremely valuable in my view.

  Posted on March 28, 2014 at 2:24 PM
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• NathanWyss

  

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  Ed & Ethan's latest podcast has a tax attorney on talking about this. He has some good insights worth listening to. Bottom line seems to be that unless you are a big player worth the resources required to audit bitcoin transactions, the feds will have a tough time on the enforcement side. The reality is that government will do everything it can to keep it's hold on power, simply because that's status quo for the system. Calling crypto currencies property is grasping at straws in an effort to retain power over those who use non-fiat currency.

  Posted on March 29, 2014 at 7:04 PM
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• sull

  

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  the timing is almost funny.sometimes I think this unfolding story is pre-written and rehearsed.
  tinfoil hat tip...

  Posted on April 1, 2014 at 2:05 AM
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• mattt

  

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  looking for more information here .

  thanks

  Posted on April 2, 2014 at 3:41 AM
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