TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker and becoming a Supporting Member. For more info: Support TMC

Bitcoins, anyone?

Discussion in 'Off Topic' started by stealthology, Aug 30, 2013.

Tags:
  1. Johan

    Johan Funds for M3 secured. Contingent on wife aproval.

    Joined:
    Feb 9, 2012
    Messages:
    7,191
    Location:
    Drammen, Norway
    Bump?

    Paging wallet.dat... :)
     
  2. Bebop

    Bebop Active Member

    Joined:
    Jun 25, 2017
    Messages:
    1,193
    Location:
    Midwest
    I'm HODLING.

    Also from what I understand Bitcoin is treated as cash. So you can report it or not on your taxes much like cash. At least according to the bitcoin official site.
     
    • Disagree x 1
  3. bkp_duke

    bkp_duke Active Member

    Joined:
    May 15, 2016
    Messages:
    1,341
    Location:
    San Diego, CA
    This is VERY wrong information. You need to be looking at what the IRS says, not what some bitcoin site says.

    The IRS has sued coinbase (and won) to have the records of exchange holders turned over to them so they can investigate if people are not reporting income on bitcoin trades:
    Bitcoin investors beware: The IRS wants its cut and you may not know it

    Official IRS guidance:
    IRS Virtual Currency Guidance | Internal Revenue Service
    Virtual Currencies | Internal Revenue Service
    https://www.irs.gov/pub/irs-drop/n-14-21.pdf

    The OFFICIAL IRS stance is that Bitcoin is PROPERTY, not currency. So no, it's not treated the same as cash.
    Bitcoin IRS Tax Guide For Individual Filers
     
    • Like x 1

Share This Page

  • About Us

    Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.
  • Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


    SUPPORT TMC