Questions about taxes due to mining, trading, and getting paid in Cryptocurrency.

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Bitcoin taxes for foreigners trading in US exchange?

If I (neither US citizen, nor being physically present or living in the US) buy and sell Bitcoins or other digital currencies through a US based exchange like Coinbase, do I have to file a tax return ...
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1answer
40 views

Guides/books on how to start a Bitcoin-accepting online business?

Are there any good guides or books on how to start a Bitcoin- and fiat-accepting online business? I'm looking for something that includes going over how to found a company and deal with tax issues and ...
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1answer
40 views

What does the IRS tax in terms of bitcoin practices

What of the following do I put on the tax form that I got money from a website for viewing ads, donating money, turning gift cards into bitcoin, buying gold, putting money into a bitcoin savings ...
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4answers
81 views

Bitcoin taxes question for USA

If one were to receive Bitcoins then immediately use a conversion service (for example to PayPal) would gains/losses need to be recorded? If so, is there any software that can do this automatically? ...
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1answer
46 views

Bitcoins and taxes [duplicate]

Most, if not all governments, have some form of sales tax. What happens to bitcoin value when governments prohibit use of bitcoins to curb evasion of taxes
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1answer
66 views

In India how does one accept or give Bitcoin? Do we also get a physical coin for a Bitcoin? [closed]

I heard about Bitcoin and its endless possibilities to use Bitcoin irrespective of a particular geographic location. But my doubt is How does one accept and give a Bitcoin, Does it have its own market ...
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1answer
138 views

what are my tax implications for cryptocurrency?

Do I pay any taxes to purchase or sell bitcoin? If I use a Bitcoin debit card and withdraw USD from an ATM, is it a taxable event?
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1answer
54 views

Would a service for automated repurchasing of Bitcoins encourage spending?

We launched Reload, an online service that binds your bitcoin wallet to your bitcoin exchange account (16 supported so far): whenever you spend bitcoins from your wallet, Reload will use your exchange ...
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0answers
282 views

bitcoin legally avoiding taxes

I was wondering is there anywhere in the world where you can trade bitcoins while legally not paying tax, and that will stay in a state of not taxing bitcoins for a while? I'm hoping to find a ...
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1answer
303 views

Canadian Taxes for Buying Bitcoins

I saw this post, but it really didn't help me. How should I fill out my tax forms if I am only buying and holding bitcoins, not selling them? This page appears to suggest that I only need to worry ...
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2answers
142 views

Is Bitcoin given as a gift taxable?

Question by someone who is new to Bitcoin. Bitcoin mining is considered taxable income in the US. However, if it's given as a gift, then should it be taxable under US law?
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1answer
44 views

Bitcoin and Company Launching

I'm quite new to anything related to Bitcoin, but let's say that I want to launch a website (in France), where people could buy some items with Bitcoin or could do some bets with Bitcoin. Do I need to ...
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1answer
57 views

How to tax trading in colored coins representing fiat?

Say Kraken and Bitstamp both issue colored coins for USD, called KrakenDollars and BitStampDollars. Then I find an colored coins exchange where I can trade between the two, and deposit some ...
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1answer
256 views

Mt. Gox losses for tax purposes

If I put $50 into Mt. Gox in February 2013, made multiples trades from BTC to USD and back, always remaining in the Mt. Gox system, and then lost all of it in the March bankruptcy, how do I handle ...
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1answer
94 views

How to file bitcoin income to the IRS as a nonresident alien

I am a Chinese student in US right now, and my taxation status is Nonresident Alien. Since IRS has announced bitcoin as "property", I just wonder how to define my gains from my sell of bitcoin in ...
2
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1answer
252 views

Is it legal to trade bitcoins on coinbase/mtgox in the US?

I am just wondering whether it is legal to trade bitcoins in the US just like we do for stocks? I see similar legal questions about selling OTC, but I am more interested in buying and selling in well ...
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2answers
138 views

Will Bitcoin taxation be enforced by the IRS?

Ive heard bitcoins are about to be taxed by the IRS. The decision has been taken to regulate the virtual currency as there are concerns of it being used for illegal purposes. Is this True ?
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4answers
2k views

How to file bitcoin income to the IRS

I want to check if there is any specific tips how to properly file income from speculation with BTC to the IRS. Also is there any specific report from the Coinbase available?
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1answer
166 views

Tax deduction for US-based employer paying in Bitcoin to overseas contractor

My employer can write off business expenses (my salary) if he pays me via wire transfer, PayPal, Payoneer and some other international payment systems. Is there a tax-deductible method for him to buy ...
3
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1answer
209 views

How are bitcoin trade profits taxed in Poland?

I turned some profit when trading bitcoin on Bitcurex - likely enough to exceed the tax-free income value in Poland. That likely would mean I should declare the profits in my tax return forms and pay ...
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6answers
727 views

For US Tax purposes, is Bitcoin mining more like property, “work to solve a puzzle” or “winning a lottery”?

From a taxation perspective, I think it's important to clarify if running a Bitcoin mining operation is more like property exchange, labor to solve a puzzle, vs winning a lottery that runs every 10 ...
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3answers
403 views

bitcoin donations tax deductible?

I work as a volunteer for a tax exempt organization in the US. We are currently accepting donations in bitcoin but not issuing receipts for those donations. I would like to start issuing receipts. ...
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4answers
446 views

Is bitcoin mining a business? [closed]

Just a very quick, and I hope simple question. Is Bitcoin mining classed as running a business? All comments appreciated! Thanks
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1answer
542 views

bitcoin knowledgeable attorneys?

I'd like to accept freelance work with bitcoin, probably a large enough amount to consult a lawyer. What kinds of questions would you ask to make sure they're competent? How would you go about ...
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3answers
659 views

What prevents Bitcoins for being used by criminals to avoid taxation?

Governments around the globe are fighting black markets by following money trails and transaction histories, usually involving checking the suspects bank accounts. This makes it at least feasible to ...
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1answer
311 views

Is the appreciation in bitcoins taxable? [duplicate]

If you have large gains in bitcoin, is there any way that it can be taxed? If I have $5000, and it appreciates to $10,000 worth of bitcoin, when I sell bitcoin for dollars can it be taxed as a ...
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4answers
946 views

If you trade with bitcoins, how do you manage to “explain” anti-laundering authorities the money-in & money-out?

When trading with bitcoins using mtgox, or bitcoin-24, or bitcoin.de, you will have in your account many transfers of money, to many people and from many people. In europe if the sum of the ...
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2answers
299 views

Should earnings in Bitcoin converter to a traditional currency be treated as trading-income or non-trading income for tax purposes?

Should earnings in Bitcoin converter to a traditional currency be treated as trading income or non-trading income for tax purposes (for example, in Ireland)? Reason for them being considered trading ...
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1answer
335 views

Is there a website that tracks Bitcoin taxes paid to local government?

One thing that would further legitimize Bitcoin with government oversight is the payment of relevant taxes to Federal and State government (in local equivalent currency) for e-commerce and mining ...
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0answers
145 views

What additional actions should an ethical Bitcoin-related business take with each transaction?

I'm considering starting an ethical business for users that accepts Bitcoin as a payment. My intent is to abide by all laws and interpret them in an appropriate manner. My intent is to abide by ...
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2answers
259 views

If miners pay income tax, could a change in tax laws affect network security?

Assuming that more than half of the Bitcoin miners pay taxes on revenue gained, could a increase in income tax laws (or similar) cause those ethical miners to go out of business? ... and the Bitcoin ...
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1answer
252 views

What Bitcoin profitability calculators account for taxation on miner income?

If I were to run a miner, I want to be ethical and pay all relevant income tax and gain all required licensing, etc for my country. My miner income is probably taxed at a 1099 income rate or lower, ...
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5answers
2k views

Any multi-currency accounting ledger that lets me use BTC?

Are there any online or open source (i.e., free, or at least cheap) accounting systems that do multi-currency so that I can record revenues and payments made using BTCs in the same system that I use ...
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4answers
5k views

Do you have to pay taxes on Bitcoin revenues?

Disclaimer: this is not legal advice, and this varies from country to country. If you accept bitcoins as payment, do you have to pay taxes on that? And would you have to write an invoice? Since they ...
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2answers
1k views

Tax implications in Canada of buying and selling Bitcoins?

What taxes should be paid in Canada on Bitcoin transactions? Has anyone gotten official advice on this? Is it relevant whether the Bitcoins were mined, received as payment for services, bought and ...