IRS says bitcoin will be taxed like property

yep..just yesterday i've talked to one guy who is in 'mining'. and i told him that he have to pay the taxes,otherwise-he is playing with the fire. or take the money and run,before it's too late.
it won't take long for IRS ,combined with NSA to figure out who is doing what..
 
''For investors, the IRS says you have to pay capital gains taxes after you sell them''

Well that did not take long ouch...

Mining is going to get expensive.
 
Bac0n said:
Mining is going to get expensive.
More...

Mining is just like any other business. You pay income-tax, but you deduct all costs as well (hardware-investments, VAT, and energy-costs).
If it is profitable, it depends on your personal circumstances, and what country you are living.
 
Listen, you don't think the US would have allowed Bc to exist if they weren't having a plan to tax it. Bitcoin was accepted by US authorities for 2 reasons IMO : 1) they saw that the US is actually the country benefiting the most from bitcoin in terms of business creations, and they foresee potential technological advances arising from this fad, 2) just like weed, they see bitcoin as a new and very much welcome source of tax revenues, from bitcoin companies and of course from the so-called investors.

So they went along with this madness figuring the country may profit from it as well. It's like all bubbles, the government is happy to play along and get taxes until everything collapses and all of a sudden, tax receipts are way down and they are in trouble for not preparing for the disaster.
 
Listen, you don't think the US would have allowed Bc to exist if they didn't have a plan to tax it. Bitcoin was accepted by US authorities for 2 reasons IMO : 1) they saw that the US is actually the country benefiting the most from bitcoin in terms of business creations, and they foresee potential technological advances arising from this fad, 2) just like weed, they see bitcoin as a new and very much welcomed source of tax revenues, from bitcoin companies and of course from the so-called investors.

So they went along with this madness figuring the country may profit from it as well. It's like all bubbles, the government is happy to play along and get taxes until everything collapses and all of a sudden, tax receipts are way down and they are in trouble for not preparing for the disaster.
 
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