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Offline CWEvans

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I just felt a disturbance in The Force, as if 1 million long-term Bitcoin hoarders just updated their income tax returns.

Details at Business Insider.
« Last Edit: March 25, 2014, 06:33:18 PM by CWEvans »

Offline davidpbrown

Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #1 on: March 25, 2014, 07:01:08 PM »
See what they need is a way to keep track of the transfer of assets.. in before DAC Tax 8)
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Offline G1ng3rBr34dM4n

Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #2 on: March 25, 2014, 07:15:33 PM »
What we need, is a distributed and decentralized exchange. :D

Offline BldSwtTrs

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #3 on: March 25, 2014, 07:16:36 PM »
I have the feeling that it's a pretty big news.

Offline Amazon

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #4 on: March 25, 2014, 07:42:31 PM »
Finally, they come. Interesting to see how the mainstream media will report it.
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Offline Stan

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #5 on: March 25, 2014, 07:58:43 PM »
Meanwhile, leading gold and silver advocate Mike Maloney just had a few nice things to say about crypto currencies vs. the banking system.

http://hiddensecretsofmoney.com/blog/BitcoinDestroysBankingLeechesMikeMaloney
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Offline santaclause102

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #6 on: March 25, 2014, 08:51:07 PM »
Not familiar with US legislation. Does anyone have a guess whether this will move the price up or downwoards?

Offline oco101

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #7 on: March 25, 2014, 09:06:19 PM »
Not familiar either. But one thing is for sure the price will drop big time at least until is more clear if is good or bad. Hope I'm wrong tough !!!
« Last Edit: March 25, 2014, 09:14:12 PM by oco101 »

Offline davidpbrown

Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #8 on: March 25, 2014, 09:06:37 PM »
Having clear legislation must be a big positive for business enagement. It's not quite death by taxes but might be a PITA for individuals to understand - I expect it'll be a positive overall.
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Offline oco101

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #10 on: March 25, 2014, 09:17:50 PM »
"The rules provide clarity for those investing in Bitcoin and were welcomed by attendees at a conference on virtual currencies in San Francisco."
http://www.pcworld.com/article/2111740/us-will-tax-bitcoin-as-property-like-stocks-rather-than-as-currency.html

But still  not convince this is good news  ! Need to hear a financial US expert on that. Like what is the effect on business like Coinbase ?

Offline BldSwtTrs

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #11 on: March 25, 2014, 09:22:17 PM »
This is definetly a good news. A huge good news.

Now merchants know how to make their comptability, Wall Steet knows how to deal with taxation.

Remember what happened after the FinCEN guidance... Removing incertitudes is good.

Offline santaclause102

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #12 on: March 25, 2014, 09:27:03 PM »
Having clear legislation must be a big positive for business enagement. It's not quite death by taxes but might be a PITA for individuals to understand - I expect it'll be a positive overall.

But wasnt this clarification?

Offline davidpbrown

Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #13 on: March 25, 2014, 10:05:14 PM »
Having clear legislation must be a big positive for business enagement. It's not quite death by taxes but might be a PITA for individuals to understand - I expect it'll be a positive overall.

But wasnt this clarification?

Clear as mud to me when I read it. I'm not familar with US taxes; perhaps it's clearer to those who've done an IRS form before.
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Offline oco101

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Re: [USA] IRS Declares Virtual Currency to Be Property, Not Currency
« Reply #14 on: March 26, 2014, 12:17:56 AM »
How this will affect Bitshare X  ?

 I'm thinking that it gives more power to BitAssets because as they are not fluctuating like bitcoins there is no capital losses or gains. So the merchant could use that and it pretty save. But this is not the same with the bitshares themselves.

 

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