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Thread: eCurrency: bitcoin, dogecoin, and whatnot

  1. #11
    Corvette Enthusiast Kchrpm's Avatar
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    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
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    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
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    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
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    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
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    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
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    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
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    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
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    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
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    Yup.

  10. #20
    Relaxing and enjoying life MR2 Fan's Avatar
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    so did you buy any before YW?

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