Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Taxation on coin sales
>
Reply to Thread
Message:
<p>[QUOTE="Vess1, post: 360305, member: 13650"]This is some good advice. But I think you're seriously worrying too much about it IMHO. </p><p> </p><p>In your case, between you and me <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" />, I wouldnt report a d*** thing. I say try it out. See how profitable it is. See how easy or hard it is to make that few hundred or thousand, and go from there. Nobody knows what you made but you. Nobody's sending them a W-2 or 1099. Paypal doesn't report to them as far as I know.</p><p> </p><p>If it really wears on your conscience that much, next year when you fill out your 1040, enter the amount of your "Other Income" on line 21 and describe what it's from. Then it will be added with your gross income. Since you're not a business, they would never have any idea how much extra income you had unless you fill that line out.</p><p> </p><p>IMO, you'd be donating to the treasury. They'll take whatever you're willing to send in.</p><p> </p><p> Seriously, if you want to get that technical, probably everybody here is guilty of tax fraud at some point in their lives. If you bought and sold anything and made a profit in your life AND didn't report it that year, technically you've broken the law. Most people don't keep track or do anything. It isn't a big deal, unless you're eventually living off of the income as your primary income.[/QUOTE]</p><p><br /></p>
[QUOTE="Vess1, post: 360305, member: 13650"]This is some good advice. But I think you're seriously worrying too much about it IMHO. In your case, between you and me ;), I wouldnt report a d*** thing. I say try it out. See how profitable it is. See how easy or hard it is to make that few hundred or thousand, and go from there. Nobody knows what you made but you. Nobody's sending them a W-2 or 1099. Paypal doesn't report to them as far as I know. If it really wears on your conscience that much, next year when you fill out your 1040, enter the amount of your "Other Income" on line 21 and describe what it's from. Then it will be added with your gross income. Since you're not a business, they would never have any idea how much extra income you had unless you fill that line out. IMO, you'd be donating to the treasury. They'll take whatever you're willing to send in. Seriously, if you want to get that technical, probably everybody here is guilty of tax fraud at some point in their lives. If you bought and sold anything and made a profit in your life AND didn't report it that year, technically you've broken the law. Most people don't keep track or do anything. It isn't a big deal, unless you're eventually living off of the income as your primary income.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Taxation on coin sales
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...