Virtual Currencies Internal Revenue Service

Tax information for Bitcoin and other crypto-currencies

Tax information for Bitcoin and other crypto-currencies.
[link]

Why the IRS is Wrong on the Taxation of Bitcoin Mining

Why the IRS is Wrong on the Taxation of Bitcoin Mining submitted by leodvinci to Bitcoin [link] [comments]

💰Read the post to get BTC Bonus: US Politicians Urge IRS to Issue Bitcoin Taxation Guidelines by October 2018 https://www.pivot.one/share/post/5ba58f8d6c20cd0543bf901b?uid=5ba3147d02b87530e597d442&invite_code=ALTNSL

💰Read the post to get BTC Bonus: US Politicians Urge IRS to Issue Bitcoin Taxation Guidelines by October 2018 https://www.pivot.one/share/post/5ba58f8d6c20cd0543bf901b?uid=5ba3147d02b87530e597d442&invite_code=ALTNSL submitted by rickchard920 to u/rickchard920 [link] [comments]

US Politicians Urge IRS to Issue Bitcoin Taxation Guidelines by October 2018 • Live Bitcoin News

submitted by MellzorLovely to CryptoStock [link] [comments]

US Politicians Urge IRS to Issue Bitcoin Taxation Guidelines by October 2018 • Live Bitcoin News https://ift.tt/2OKCu8i

US Politicians Urge IRS to Issue Bitcoin Taxation Guidelines by October 2018 • Live Bitcoin News https://ift.tt/2OKCu8i submitted by bitnewsbot to bitnewsbot [link] [comments]

US Politicians Urge IRS to Issue Bitcoin Taxation Guidelines by October 2018 • Live Bitcoin News

submitted by MellzorLovely to CryptoStock [link] [comments]

[QUESTION] How does the IRS enforce the Taxation of Bitcoin

In tax class, they always explained to us that when people sell stocks and such, the brokerage reports that to the IRS, and then if the individual fails to report, a red flag is raised in the computer system. How does this work with bitcoin, are exchanges like coinbase reporting proceeds to the IRS? If not, how would the IRS find out that someone made heavy gains on bitcoin.
Is there another method of enforcement where the IRS can discover that someone has a much larger amount of cash than before?
submitted by FondleMeh to tax [link] [comments]

The IRS may soon enforce taxation of virtual currencies like BitCoin, World of Warcraft gold, Simoleons, and Second Life's Linden Dollars

The IRS may soon enforce taxation of virtual currencies like BitCoin, World of Warcraft gold, Simoleons, and Second Life's Linden Dollars submitted by mepper to Bitcoin [link] [comments]

The IRS may soon enforce taxation of virtual currencies like BitCoin, World of Warcraft gold, Simoleons, and Second Life's Linden Dollars

The IRS may soon enforce taxation of virtual currencies like BitCoin, World of Warcraft gold, Simoleons, and Second Life's Linden Dollars submitted by mepper to technology [link] [comments]

Supplemental IRS Guidance on Taxation of Cryptocurrencies is Needed:... #bitcoin #btc #altcoins Bitcoin… https://t.co/n2aSN6bWjW - Crypto Insider Info - Whales's

Posted at: June 2, 2018 at 03:36PM
By:
Supplemental IRS Guidance on Taxation of Cryptocurrencies is Needed:... #bitcoin #btc #altcoins Bitcoin… https://t.co/n2aSN6bWjW
Automate your Trading via Crypto Bot : https://ift.tt/2EU8PEX
Join Telegram Channel for FREE Crypto Bot: Crypto Signal
submitted by cryptotradingbot to cryptobots [link] [comments]

No One Reporting Bitcoin To The IRS – Taxation Is Theft! (Freedom Minute)

No One Reporting Bitcoin To The IRS – Taxation Is Theft! (Freedom Minute) submitted by WebSwiftSEO to CryptocurrencyVideos [link] [comments]

Brazilian IRS releases its guide for Bitcoins taxation - Very similiar to US regulation (Google Translation link)

submitted by rbat to Bitcoin [link] [comments]

02-06 06:33 - 'US Republican led Congressional Tax Oversight Committees have NOT liked the IRS's aggressive taxation attempts this past year. Maybe expect lenient tax treatment when specific crypto tax laws are actually written...' (angloinfo.com) by /u/azzazaz removed from /r/Bitcoin within 0-4min

US Republican led Congressional Tax Oversight Committees have NOT liked the IRS's aggressive taxation attempts this past year. Maybe expect lenient tax treatment when specific crypto tax laws are actually written (or intentionally never written excluding crypto taxation all together)
Go1dfish undelete link
unreddit undelete link
Author: azzazaz
submitted by removalbot to removalbot [link] [comments]

The IRS may soon enforce taxation of virtual currencies like BitCoin, World of Warcraft gold, Simoleons, and Second Life's Linden Dollars

The IRS may soon enforce taxation of virtual currencies like BitCoin, World of Warcraft gold, Simoleons, and Second Life's Linden Dollars submitted by mepper to politics [link] [comments]

The IRS Gets Told to Work on Its Bitcoin Taxation Plan

The IRS Gets Told to Work on Its Bitcoin Taxation Plan submitted by castom to Bitcoin [link] [comments]

Canadian revenue agency (=IRS) finally takes a stand on Bitcoin mining taxation

Canadian revenue agency (=IRS) finally takes a stand on Bitcoin mining taxation submitted by BFCanada to Bitcoin [link] [comments]

IRS Urged To Clarify Bitcoin Taxation Guidelines

IRS Urged To Clarify Bitcoin Taxation Guidelines submitted by Umbit to Bitcoin [link] [comments]

IRS Urged To Clarify Bitcoin Taxation Guidelines

IRS Urged To Clarify Bitcoin Taxation Guidelines submitted by knight222 to btc [link] [comments]

The IRS Gets Told to Work on Its Bitcoin Taxation Plan

The IRS Gets Told to Work on Its Bitcoin Taxation Plan submitted by BitcoinAllBot to BitcoinAll [link] [comments]

el="" >IRS Urged To Clarify Bitcoin Taxation Guidelines

el=IRS Urged To Clarify Bitcoin Taxation Guidelines" title="el="" >IRS Urged To Clarify Bitcoin Taxation Guidelines" /> submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Digital Bank accepting Bitcoin - IRS pushed to clarify crypto taxation - Allianz tests blockchain for catastrophe bonds

submitted by cryptocompare to cryptocompare [link] [comments]

IRS Urged To Clarify Bitcoin Taxation Guidelines

IRS Urged To Clarify Bitcoin Taxation Guidelines submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Send the IRS your comments on bitcoin taxation

In its release of tax guidelines for bitcoin, the IRS actually requested comments from users on the issue. Here's what it said:
"The Treasury Department and the IRS recognize that there may be other questions regarding the tax consequences of virtual currency not addressed in this notice that warrant consideration. Therefore, the Treasury Department and the IRS request comments from the public regarding other types or aspects of virtual currency transactions that should be addressed in future guidance.
..
"Alternatively, taxpayers may submit comments electronically via e-mail to the following address: [email protected]. Taxpayers should include “Notice 2014-21” in the subject line. All comments submitted by the public will be available for public inspection and copying in their entirety."
So apparently the IRS is not 100% sure they're doing the right thing.
My take on it? Bitcoin should only be taxed when it is sold for fiat. It should not be taxed if it's mined unless the miner sells it for fiat. If an independent contractor gets paid in bitcoin, the bitcoins should not be taxed if they are used directly for purchases. Only if fiat is received in exchange for the bitcoins.
Because if you think about it, a purchase could actually be a deduction. So how is the IRS going to tax something that's supposed to be a loss?
submitted by toliro to Bitcoin [link] [comments]

IRS And Cryptocurrency - Bitcoin Tax Law BITCOIN TAXES? IRS? Bitcoin and the IRS / Taxes (Capital Gains and Losses) How To Deal With Bitcoin and Taxes  Cryptocurrencies and Taxation

Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies. Tax Consequences The sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability. According to the IRS’ official guidance on crypto taxation, crypto is taxed as “property,” which is just a fancy way to say it's taxed like a stock. If you buy bitcoin and hold it for more ... The IRS approach to the taxation of crypto currencies like Bitcoin may turn into an accounting nightmare for all but the most casual of users. Here's a plain English Q&A on how the IRS handles profits and losses related to bitcoin and other types of digital money. While Bitcoin receives most of the attention these days, it is only one of hundreds of crypto currencies. Everything we discuss here with regard to bitcoin taxation applies to all crypto. How the IRS sees crypto currencies. Unfortunately, the IRS has provided very little guidance with regards to Bitcoin taxation. That means some mystery remains ...

[index] [14003] [14588] [518] [19209] [414] [1337] [41123] [18004] [4956] [45394]

IRS And Cryptocurrency - Bitcoin Tax Law

http://www.billbrookscpa.com/bitcoin-and-the-irs-taxes-capital-gains-and-losses/ - Bitcoin and the IRS / Taxes (Capital Gains and Losses) Bitcoin Tax Account... IRS And Cryptocurrency - Bitcoin Tax Law: We try to make sense of the IRS legal framework on bitcoin cryptocurrency and taxes. IRS and Cryptocurrency do not play well together. Bitcoin taxes! What should we expect when it comes to paying Taxes on Crypto Currency. Going over the IRS Crypto Currency FAQ in this video. The IRS has made it very clear that Crypto Currencies ... When it comes to Bitcoins, Taxes and the “How To”, there is only a few things you need to know. Well… when it comes to the basics… there are only a few things that you need to know.

#