Page 2 of 3 FirstFirst 123 LastLast
Results 11 to 20 of 21

Thread: eCurrency: bitcoin, dogecoin, and whatnot

  1. #11
    Corvette Enthusiast Kchrpm's Avatar
    Join Date
    Jan 2014
    Location
    Cincinnati, OH
    Posts
    6,674
    It's going to become a bit of a tax nightmare.

    http://dealbook.nytimes.com/2014/03/...-not-currency/
    Get that weak shit off my track

  2. #12
    Consultant KillerB's Avatar
    Join Date
    Jan 2014
    Location
    Cypress, CA USA
    Posts
    1,120
    Quote Originally Posted by thesameguy View Post
    Ugh. I totally missed the boat on bitcoin. FML.
    I know, right?

  3. #13
    Consultant KillerB's Avatar
    Join Date
    Jan 2014
    Location
    Cypress, CA USA
    Posts
    1,120
    Quote Originally Posted by Kchrpm View Post
    It's going to become a bit of a tax nightmare.

    http://dealbook.nytimes.com/2014/03/...-not-currency/
    I don't know enough about currency trading to know what difference this makes. Gains are gains and have to be taxed. Not sure where the tax benefit would be of treating it as currency vs property.

    It's no different in regard to gold, btw.

    EDIT: ok I read the article, if anything, this is advantageous, because property gains are taxed at the capital gains rate (max 20%) where currency trading gains are taxed at the regular income tax rate (39.6%).
    Last edited by KillerB; March 29th, 2014 at 08:32 AM.

  4. #14
    Corvette Enthusiast Kchrpm's Avatar
    Join Date
    Jan 2014
    Location
    Cincinnati, OH
    Posts
    6,674
    If you're just investing in it and cashing out to spend, it's not an issue, the confusion comes when you start buying stuff with it directly.

    http://www.bloomberg.com/news/2014-0...-irs-says.html

    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.
    Get that weak shit off my track

  5. #15
    Senior Member
    Join Date
    Jan 2014
    Location
    Sydney, Australia
    Posts
    951
    A guy at my work made over 100k from buying 1k worth. He wanted more, his wife said no, too risky.
    Now he sold them the cash is letting the wife stay at home another year with their baby.

  6. #16
    Senior Member
    Join Date
    Jan 2014
    Posts
    3,761
    It IS really risky - but that's what gets you returns if it works out!!

    I think the max I would've put into a pure speculative play (like Bitcoin) would have been USD3K. Still, that would have made me some good $$$, as long as I'd gotten rid of it before Mt. Gox went under (since I'd probably have stored it with them).

  7. #17
    Senior Member
    Join Date
    Jan 2014
    Posts
    10,171
    Same here. Every time I think I missed the boat I remind myself that the boat I'd have been on might have sunk. Hard not to think about free money, though.

  8. #18
    Senior Member
    Join Date
    Jan 2014
    Posts
    3,761
    Yeah. Or I might have put it on my old X301 Thinkpad and kept that off the net (which I've now lost my charger for, LOL).

  9. #19
    Senior Member
    Join Date
    Jan 2014
    Posts
    3,761
    Yup.

  10. #20
    Venturi3D.com for the FUTURE MR2 Fan's Avatar
    Join Date
    Jan 2014
    Location
    Tampa Bay, Florida
    Posts
    2,750
    so did you buy any before YW?
    ║]=(86)=[║ Venturi3D.com

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •