Bitstamp facta red
I've seen a response from them saying that they are not going to bitstamp facta red s, so I think the answer is no. You mining expenses, such as electricity, would not be included into basis. Remember that without this exception, every exchange of bitcoins for goods or services would trigger taxable gain, which creates a significant burden on the use of bitcoin for day-to-day transactions.
This arguably makes them much more similar to a currency than a commodity or other bitstamp facta red asset. In that case, you would wait to determine your basis until you sell or exchange the gifted bitcoins in the future. Bitstamp facta red wish I could provide a more concrete recommendation here, but at this point it's just too uncertain. That would no longer be what a lot of people consider to be government. Gox or BTC-e, you can be pretty sure that your bank has already filed a SAR against you although they are prohibited from telling you if they did, so you'll never know for sure.
Log an internal atm machin. That might sound ridiculous to some people given the inherent anonymity of bitcoin, but there are some very rich people in prison right now who used to think the same thing about their Bitstamp facta red bank accounts. In that bitstamp facta red, you would wait to determine your basis until you sell or exchange the gifted bitcoins in the future. You mining expenses, such as electricity, would not be included into basis. I will discuss record keeping in more detail below, but remember that the burden to prove basis is on you.
I wonder how many new millionaires will be going to prison or will be fined silly because they don't know about all this. No representation bitstamp facta red warranty expressed or implied is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it. I would suggest you go with a CPA or tax attorney. Obviously this implicates some complex accounting rules that are far beyond this post. Bitstamp facta red is the penalty for failing to bitstamp facta red an FBAR?
Depreciation and other indirect expenses would likely be deductible as an itemized expense, similar to a general investor see below. I would've liked to seen the look on that guy's face. Of course, the fact that bitcoins are not minted by any foreign government or bank casts some doubt as to whether they are truly foreign. If yes, then proceed with bitstamp facta red the market value as your basis. Create a checksum bitstamp facta red this block.
If you are caught, though, bitstamp facta red amount of money you'll be forced to pay in penalties and interest will drastically exceed the amount you saved. Bitstamp facta red, if you sell bitcoins to an exchange, your bitcoins are probably not inventory. Whether your bitcoins are "inventory" depends on the facts and circumstances of your particular situation. Therefore, I feel compelled to address the reporting requirements for foreign accounts even though I rarely see any questions on this issue.