by Matthew Ellard (Posted Thu Jan 30, 2014 3:58 am)
The Tax Equity and Fiscal Responsibility Act of 1982 allows the IRS to assess barter exchanges (crypto currencies) under their monetary equivalent.
"Barter exchanges are considered taxable revenue by the IRS and must be reported on a 1099-B form"
What happens is that the bartered "currency" grows to a certain size and then it becomes financially viable to justify taxation enforcement, generally through a series of "showcase" taxation cases in superior courts. As "Bit coins" has no owner it seems that there will not be any financial contribution to the "taxpayer defendant" who first suffers indictment. It's just a matter of time.
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The USA had over 1650 different currencies until 1866. In the 20th century it still has BerkShares, LETS, Time dollars and so on.octopus1 wrote: From what I can glean, the online currencies available are a game between the "greedy" and the "gullible". Although perhaps the terms I'm using there are too harsh.
The Tax Equity and Fiscal Responsibility Act of 1982 allows the IRS to assess barter exchanges (crypto currencies) under their monetary equivalent.
"Barter exchanges are considered taxable revenue by the IRS and must be reported on a 1099-B form"
What happens is that the bartered "currency" grows to a certain size and then it becomes financially viable to justify taxation enforcement, generally through a series of "showcase" taxation cases in superior courts. As "Bit coins" has no owner it seems that there will not be any financial contribution to the "taxpayer defendant" who first suffers indictment. It's just a matter of time.
Read Main Topic