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<p>[QUOTE=&quot;Prime Mover, post: 2660948, member: 38783&quot;]Kind of correct.</p><p><br /></p><p>The Tax Man does want in, and if you are dealing with exchanges that perform a BTC &lt;-&gt; Fiat conversion, yes, you need to identify yourself, and you are no longer &quot;anonymous&quot;.&nbsp; There are still ways to operate &quot;semi-anonymously&quot; if you understand how certain things work in the space.</p><p><br /></p><p><br /></p><p>Also kinda correct.&nbsp; It was this way a while back, but the US Tax implications have settled in and are now quite stable and should be easy to understand.</p><p><br /></p><p>The IRS has classified Bitcoin as a &quot;possession&quot;, not a &quot;currency&quot;, which is a very important distinction.&nbsp; This means that Bitcoin is like any other investment - PM&#039;s, stocks, etc - in that you are required to report capital gains on any transaction just like you would if you sold your stocks or silver/gold.&nbsp; If I buy a Bitcoin for $150, and sell it for $500 a year later, I am supposed to pay capital gains on the $350 difference.</p><p><br /></p><p><br /></p><p>Oh, it can be done with less hassle if you really want, your brother needs to be creative.&nbsp; I&#039;m sorry I cannot elaborate any further.[/QUOTE]</p><p><br /></p>

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