Hey Steemit Fans. A federal judge compared Bitcoin to beanie babies, it happened. It was an example of how Bitcoin is a commodity and not currency. The case was related to a money laundering case where someone supposedly tried to buy drugs using bitcoin and was caught by a federal agent. the judge threw the case out for now, because there was no money and apparently no drugs. Although there will likely be more to this case in the future, it is very interesting to think if the court actually rules crypto currency/blockchain currency is not money. If this ruling stands, does this mean I have to claim taxes on anything else I own that develops a value. I cant go around buying goods and services with beanie babies, so it seems a bit silly to me. In my new video I explain my thoughts on the subject as well as include a list thanks to 99Bitcoins as to who currently accepts Bitcoin.
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Bitcoin 1J5xXMLNU2Y3s8kMzXevvYJhQm6ahV3eBA
Dash XmJoz611erZywrVH8M3XoxAGvMi8nkCQUR
Litecoin LXtefK5YspKNZ3vXUJzNkgUGATKd2gnjx6
Ethereum 0xe24b07dD83205Ba18788145913BeC9B06495cbF8
Z-Cash t1gPbhbq9uCxrXYWM6MzsSCQeMqLxijHpfg
Monero 46PXrvPTTqkWHnBdmy5hiMEEpnJULEGnEXLZ2e5HSScC6SJowZ9henycf2ZrRQPXRi9xKkWvSHuPYSYoCpp9LCLQD9QYzYi
This might help in understanding the reasoning behind that judgement.
https://en.bitcoin.it/wiki/Tax_compliance
TL:DR version - if someone paid you for a service (mowing their lawn) with an exact amount of value (even if it was a beanie baby or Bitcoin worth that amount) depending on your tax situation, you owe taxes on it.
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yea, it is pretty interesting the IRS is doing everything they can to get taxes from individuals. They have even recently forced certain exchanges to provide customer documentation. Even though some are fighting it, it is definitely an ongoing issue. I'm not sure what the solution is, but for now nothing is transparent.
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I do my best to keep track of my income, no matter what it is and the value it was exchanged at. That is mainly because I run a business and want to make sure there is no way they can get anything on me. lol Better safe than sorry.
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I can't disagree with you on that at all. I am still working on a way to keep track of my Crypto profits, but it is definitely more difficult without a single ledger. I hope to find a nice program that will allow interaction between accounts. there is a lot of up and coming programs that help with mining, node, and Masternode setups, but there is still a lot of work to do.
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Some states don't feel the same way as that judge.
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you are very correct states like Hawaii and Washington are making it very difficult to even buy crypto currency. This is why CoinBase had to back out of both of those states. Let's hope one day soon, they realize blockchain technology is the future and start safe guarding it rather than adding additional rules and laws.
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