Bitcoin, gold and taxes question(s) rehashed

1. 2019-12-04 at 8:26 AM UTC

   #1
   

   Cly African Astronaut [foredate your moneyless friar's-cowl]
   1. Do you have to pay taxes on bitcoin mined?
   
   2. Do you have to pay (income) taxes on something (gold) if you pay for it in bitcoin?
   
   3. Can you barter gold if you are trading for something you will never trade for money directly or indirectly?
2. 2019-12-04 at 8:36 AM UTC

   #2
   The Self Taught Man Black Hole
   Only if youre dumb
   
   Only if youre dumb
   
   Of course
   The following users say it would be alright if the author of this post didn't die in a fire!

   • Cly
3. 2019-12-04 at 8:41 AM UTC

   #3
   The Self Taught Man Black Hole

   Originally posted by DietPiano Only if youre dumb
   
   Only if youre dumb
   
   Of course

   
   Now listen here hickok45
   
   Swim likes to buy btcs with credit/debit, so the bank knows when he does it, so maybe he should but swim never actually holds onto btc for an extended period of time so it doesn't matter, but if he did it still wouldn't matter because they can't prove you didn't spend it on a collector's edition my little pony or gave it to julian assange
   
   Its so easy to hide especially now that we have tumblers
4. 2019-12-04 at 9:39 AM UTC

   #4
   

   Lanny Bird of Courage
   No idea how mined bitcoin is considered for tax purposes, seems hard enough to discover/audit/enforce that you might as well treat it as undocumented cash income (if you never make it visible by buying a house with it or exchanging it for cash or whatever I don't see how anyone is going to be able to audit it).
   
   You do not need to pay income tax on long term investments (which includes gold, long term/short term depends on how long you hold the investment) regardless of how you pay for it. You do need to pay tax, for long term investments tax becomes relevant at the point you sell.
5. 2019-12-04 at 9:49 AM UTC

   #5
   

   Cly African Astronaut [foredate your moneyless friar's-cowl]
   So as long as you never trade your value for money, it doesn't need to be taxed?