Large German lobby organization supports ban on Bitcoins

Re:Large German lobby organization supports ban on Bitcoins by MattBearman on Wednesday June 01, 2011 @10:45AM (#2607467)

Surly declaring your BC income on a tax return would take care of that?

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Re:Large German lobby organization supports ban on Bitcoins by UnFleshedOne on Wednesday June 01, 2011 @02:02PM (#2608482)

Only if government is willing to collect bitcoin tax in bitcoins, without a conversion.

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Re:Large German lobby organization supports ban on Bitcoins by mrvc on Wednesday June 01, 2011 @10:55AM (#2607517)

How would you value it though? If you accepted the coins at a $5 per bitcoin rate for a product valued at $5, but the rate at the time of the tax return is $15 per bitcoin, do you pay tax on the $15 or the $5?

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Re:Large German lobby organization supports ban on Bitcoins by vabole on Wednesday June 01, 2011 @11:12AM (#2607601)

That is merely an accounting issue. Multinationals are dealing with currency translation all the time.

In your example you would of course pay tax from $15.

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Re:Large German lobby organization supports ban on Bitcoins by gst on Wednesday June 01, 2011 @10:59AM (#2607538)

And even if you take a given rate you cannot be sure that you can really sell your coins for this rate. E.g., assume that you are one of those early miners who currently owns at least 400.000 BTC (see http://bitcoinreport.blogspot.com/2011/01/latest-bitcoin-top...). How do you declare this on your tax statement? Yes - in theory that's worth 4 million dollars. However, as soon as you try to sell your BTCs you will crash the market.

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