Silk Road forums

Discussion => Newbie discussion => Topic started by: Haulting on August 02, 2013, 09:16 am

Title: Taxes on BTC
Post by: Haulting on August 02, 2013, 09:16 am
PLEASE HELP! I am worried that all my BTC transactions will be counted as taxable income. I do a lot of trades, and as a vendor of BTC, how do I know the IRS wont be knocking on my door in a few years with a fat bill? Is it required to register as a small business and pay taxes on each purchase along with income tax on profits? I hope this makes seance and I hope I can get a response.  :(
Title: Re: Taxes on BTC
Post by: Itakethem2study on August 02, 2013, 09:20 pm
Shouldn't you being moving these profits through a secure channel multiple times to cover and link back to yourself?
Title: Re: Taxes on BTC
Post by: Turkey for Breakfast on August 02, 2013, 09:29 pm
If you are serious, why are you asking here and not talking to an accountant or tax attorney?
Title: Re: Taxes on BTC
Post by: mcguire39 on August 02, 2013, 09:56 pm
I would think tax wise you would just handle it the same was any investment or currency trading. I'd say the difference in price between when you bought it and sold it would be your net (capital) gain or loss.