Questions tagged [bitcoin]

Bitcoin is a decentralized digital currency first developed in 2009. Most Bitcoin-related questions should be asked at the Bitcoin Stack Exchange.

Filter by
Sorted by
Tagged with
10
votes
2answers
581 views

Where to categorize crypto-currencies

In Germany, crypto-currencies like Bitcoin are all over the news lately, making me aware of the fact I don't know much about them. A journalistic TV program I was watching yesterday even claimed ...
81
votes
12answers
33k views

A friend asks me all the time to pick up money for her (Western Union, Moneygram)

A friend of mine trades Bitcoin and often asks me to pick up money for her, i.e., someone sends money to me (on my name) and I just pick it up and give it to my friend. The amounts are usually around $...
44
votes
9answers
13k views

I believe this to be fraud — hired, then asked to cash check and send cash as Bitcoin

I have been "hired" by Nissan Motor as a key account specialist. My first assignment is to cash two checks that I have received. Both were written by a customer who has already received the engines. ...
17
votes
2answers
6k views

Bringing bitcoin into US, what taxes should I expect?

My friend owns roughly $1M USD worth of Bitcoin. These coins are sitting on a (backed up and encrypted) hard drive in Brasil. He bought these coins legitimately, and has the paper trail to prove it. ...
2
votes
2answers
1k views

Tax On Unsold Mined Bitcoin

US Tax Question Suppose that John Doe mines 100 bitcoin at $0.11 each ($11) and doesn't sell them, but keeps them in a wallet. Does he pay taxes the year he mined them at the price he mined them for,...
11
votes
3answers
1k views

When and how should I pay taxes on ForEx trades?

I am an Israeli citizen. I've bought BitCoin (let us agree for the sake of discussion it is a currency) using US dollars. Let's also assume I never convert the bitcoins to any other currency (but ...
4
votes
2answers
1k views

Are there multiple Bitcoin markets?

I have the (possibly wrong) suspect that Bitcoin questions are not received too well here, so I kindly ask you to go easy on me :-) According to this question we should categorize Bitcoin as a ...
178
votes
6answers
39k views

Found a heap of BTC but have no documentation. What do I do?

Many years ago, I bought around 400 BTC for a few hundred dollars (?) and stored them in a hard drive. Shortly after that, I lost this hard drive, wrote it off as an "Oh well" and didn't think ...
7
votes
1answer
441 views

Assuming 1031 Doesn't Apply To Cryptocurrency Trading

See this relevant link for a brief synopsis of what 1031 is in relation to cryptocurrencies. For the sake of this question, let's assume that 1031 does not apply at all, meaning that every trade from ...
3
votes
2answers
396 views

Bitcoin Cost Basis Purchases

Suppose that a client purchases 10 BTC over a price range of $180 to $290 and transacts twice with his BTC for a total purchase of 2.7BTC. Two questions: Based on this, the IRS taxes bitcoin like ...
2
votes
1answer
120 views

Income At the Sell or Reception?

See this from the IRS: The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer. Scenario ...
1
vote
1answer
184 views

Tax implications of virtual currency that cannot be exchanged for money

Backstory: Over the past two years, I've been in an ongoing battle with a phone provider over a promotion they failed to honor in a reasonable amount of time. I had posted a few questions on the Law ...