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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #240 on: March 07, 2014, 02:59:28 AM »
No. Foreign currencies are capital gains exempt. Trading stock is not.

I can go on holiday, make a killing from a currency exchange rate an no capital gains tax. Trading is different because its the only way a government can tax professional currency traders.

Bitcoin however always attracts capital gains tax, once the threshold is met. It isn't exempt in any way like foreign currencies. As you are lazy, I will quote for you
Quote from: http://www.capitalgainsallowance.com/capital-gains-tax-exemption/
There are a number of different assets which when disposed of, never attract capital gains tax, because the assets themselves are actually exempt. Examples of this include the foreign currency you purchase for yourself or your relatives whilst spending time abroad

and

Quote from: http://www.capitalgainsallowance.com/capital-gains-tax-exemption/
this transaction will be exempt from capital gains tax, so long as two conditions have been met. These are that the gift is not a form of trading stock which you have purchased for the purposes of reselling

There are no laws regarding bitcoin. Capital gains tax is an assumption, not a rule. Also, foreign exchange is not exempt. Did you even bother to read the link I gave you? I don't care what some random ass websites you go to. I posted Federal law. It might be different in the UK, but currency exchange is taxed in the US as a capital gain.

Re: Ask Rushy about Bitcoins.
« Reply #241 on: March 07, 2014, 03:25:42 AM »
That law has a $200 dollar exemption limit.  A typical vacationer would likely not make a gain of over $200 while exchanging currency for a 1-2 week trip.  Your typical currency day-trader will likely exceed that limit and would therefore be subject to the capital gains tax while the vacationer would not.  However, with the high volatility of bitcoin prices, it would be much more likely to be subject to this $200 limit.

Re: Ask Rushy about Bitcoins.
« Reply #242 on: March 07, 2014, 07:05:26 PM »
To further Thork's argument that it is a commodity and not a currency, Japan is going to treat it like a commodity and not regulate it as well as subject it to sales and capital gains tax,  http://techcrunch.com/2014/03/07/japan-government-has-no-plans-to-regulate-bitcoin-transactions-after-mt-goxs-demise/.  Though the link does say the UK is expected to declare it a currency.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #243 on: March 07, 2014, 07:39:57 PM »
To further Thork's argument that it is a commodity and not a currency, Japan is going to treat it like a commodity and not regulate it as well as subject it to sales and capital gains tax,  http://techcrunch.com/2014/03/07/japan-government-has-no-plans-to-regulate-bitcoin-transactions-after-mt-goxs-demise/.  Though the link does say the UK is expected to declare it a currency.

The UK also revoked the 20% tax they implemented on Bitcoin in order to attract more startups. Also, whether any specific country treats Bitcoin as a currency or not is irrelevant. Bitcoin is a currency, if countries care or not to recognize that is a moot point.
« Last Edit: March 07, 2014, 07:41:38 PM by Irushwithscvs »

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Offline Pete Svarrior

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Re: Ask Rushy about Bitcoins.
« Reply #244 on: March 15, 2014, 06:25:03 PM »
OMG BITCOIN SURE GOT TOLD

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Re: Ask Rushy about Bitcoins.
« Reply #245 on: March 15, 2014, 06:43:41 PM »

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #246 on: March 15, 2014, 07:00:36 PM »
The problem isn't that people pretend Bitcoin is money, rather, the problem is that quite a lot of people pretend it isn't.

OMG BITCOIN SURE GOT TOLD

The comic is funny and not necessarily hating on Bitcoin. The author actually accepts Bitcoin donations.
« Last Edit: March 15, 2014, 07:06:22 PM by Irushwithscvs »

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Offline markjo

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Re: Ask Rushy about Bitcoins.
« Reply #247 on: March 26, 2014, 03:23:36 AM »
Hmmm....  It seems that the IRS doesn't think that Bitcoin is a currency either.
http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #248 on: March 26, 2014, 03:31:34 AM »
Hmmm....  It seems that the IRS doesn't think that Bitcoin is a currency either.
http://www.bloomberg.com/news/2014-03-25/bitcoin-is-property-not-currency-in-tax-system-irs-says.html

This is actually very good news to me. In my income bracket I now pay 0% taxes on Bitcoin. Suckers.

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Offline markjo

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Re: Ask Rushy about Bitcoins.
« Reply #249 on: March 26, 2014, 03:42:53 AM »
Did you miss the part about paying on the capital gains for your bitcoin investment?
Abandon hope all ye who press enter here.

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If you can't demonstrate it, then you shouldn't believe it.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #250 on: March 26, 2014, 03:45:00 AM »
Did you miss the part about paying on the capital gains for your bitcoin investment?

This is actually very good news to me. In my income bracket I now pay 0% taxes on Bitcoin. Suckers.



As long as I don't sell more than 36K in bitcoin capital gains each year I can get away with 0% taxes. That means I could live the rest of my life on 36K a year and never have to pay any form of income taxes (assuming the tax rate doesn't change). Like I said, good news for me, I can easily live on 36k a year until I get out of college.
« Last Edit: March 26, 2014, 03:49:04 AM by Irushwithscvs »

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Re: Ask Rushy about Bitcoins.
« Reply #251 on: March 26, 2014, 04:23:33 AM »
As long as I don't sell more than 36K in bitcoin capital gains each year I can get away with 0% taxes. That means I could live the rest of my life on 36K a year and never have to pay any form of income taxes (assuming the tax rate doesn't change). Like I said, good news for me, I can easily live on 36k a year until I get out of college.
« Last Edit: March 26, 2014, 04:25:16 AM by pizaaplanet »
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Re: Ask Rushy about Bitcoins.
« Reply #252 on: March 26, 2014, 04:37:32 AM »
[dumbass picture]

Yes, Pizza. When tens of thousands of dollars appear in my bank account I'm sure my bank totally won't perform the automatic money laundering reports mandated by law and give them to the IRS. The IRS will then totally not care about the possible thousands of dollars I may or may not owe them on taxes if I go over my tax bracket. I can only hope that although you're being facetious that you are also being sarcastic. Bitcoin is full of anarchist idiots that are going to get themselves heavy fines, or worse, thrown in jail, all over a few thousand dollars that they somehow think they "earned" by riding the Bitcoin tidal wave.

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Re: Ask Rushy about Bitcoins.
« Reply #253 on: March 26, 2014, 05:03:37 AM »
I can only hope that although you're being facetious that you are also being sarcastic.
Surely you know me well enough to do more than just hope that.
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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #254 on: March 26, 2014, 05:04:49 AM »
Surely you know me well enough to do more than just hope that.

Poe's Law requires that I don't.

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Re: Ask Rushy about Bitcoins.
« Reply #255 on: March 26, 2014, 05:06:02 AM »
Poe's Law requires that I don't.
But that makes it harder for me to play the troll/sarcasm card whenever convenient. :(
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Re: Ask Rushy about Bitcoins.
« Reply #256 on: March 26, 2014, 07:15:47 AM »
Rushy is poor.

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Offline markjo

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Re: Ask Rushy about Bitcoins.
« Reply #257 on: March 26, 2014, 01:48:22 PM »
As long as I don't sell more than 36K in bitcoin capital gains each year I can get away with 0% taxes. That means I could live the rest of my life on 36K a year and never have to pay any form of income taxes (assuming the tax rate doesn't change). Like I said, good news for me, I can easily live on 36k a year until I get out of college.
For long term capital gains, perhaps.  Short term capital gains are a different story.
« Last Edit: March 26, 2014, 01:52:00 PM by markjo »
Abandon hope all ye who press enter here.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #258 on: March 26, 2014, 07:26:55 PM »
For long term capital gains, perhaps.  Short term capital gains are a different story.

Yes, Markjo, thank you for once again stating the obvious and adding nothing to the discussion whatsoever.

But that makes it harder for me to play the troll/sarcasm card whenever convenient. :(

That's okay, there never was a troll card. If someone tells you they're trolling they are by default not trolling at all.

Rushy is poor.

 :(
« Last Edit: March 26, 2014, 07:29:31 PM by Irushwithscvs »

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Re: Ask Rushy about Bitcoins.
« Reply #259 on: March 26, 2014, 08:38:24 PM »
Bitcoin is just a silly gimmick.