09 Apr '13, 8pm

Why Bitcoin “millionaires” could accidentally become tax felons

Why Bitcoin “millionaires” could accidentally become tax felons

If you’re an American who bought bitcoins at around $80 less than a month ago and sold them today for around $237 , congratulations! You may be on your way to accidentally committing tax fraud. That’s because you’ll run afoul of authorities if you don’t report what you made on bitcoin as capital gains , the same way you report gains made on most assets sold at a profit, argues Karl Denninger , who is sometimes credited as one of the founders of the Tea Party movement . Since there isn’t a field in TurboTax for “bitcoin earnings,” many fans of the cryptocurrency are likely ignorant of this wrinkle in the tax code of the United States and many other countries . Meanwhile, newly minted bitcoin millionaires are revealing themselves—or at least their Reddit handles—left and right . Even those who are staying quiet about their newfound riches are liable, basically forever, for w...

Full article: http://qz.com/72637/why-bitcoin-millionaires-could-accide...

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