AMD Video Card Shortage

Discussion in 'Video Cards' started by SKiTLz, Dec 3, 2013.

  1. Drudenhaus

    Drudenhaus 2[H]4U

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    I dunno about that much, but my buddy cashed out for around $50,000 very recently with almost no effort.
     
  2. WinSomeLoseNone

    WinSomeLoseNone Gawd

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    Does the Gov't classify this as STCG?

    I would imagine your buddy is going to get a call from the IRS when 50K hit's his bank account, unless he files a Schedule-C and reports the income from his 'mining' business.

    Edit** I had no idea there were so many digital currencies

    http://www.coinwarz.com/cryptocurre...Cost=0.1000&sha256Check=true&scryptCheck=true
     
    Last edited: Dec 6, 2013
  3. Drudenhaus

    Drudenhaus 2[H]4U

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    He mentioned that. I have no doubt he will have to pay taxes on his cash out.
     
  4. WinSomeLoseNone

    WinSomeLoseNone Gawd

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    Hopefully he has an accountant to talk to.

    There are many ways to report the income. I'd wager that not reporting it would be a bad move.

    Using a Schedule C would allow him to deduct ~30% of the hardware cost/power cost as business expenses, assuming he has to pay taxes. Depreciation on value of the hardware could be taken into account as well.
     
  5. timtheenchantor

    timtheenchantor Gawd

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    There's some confusion on how the IRS is handling it. Here's some more information on tax compliance (US-based primarily): https://en.bitcoin.it/wiki/Tax_compliance

    Relevant section:

     
  6. Rizen

    Rizen [H]ardForum Junkie

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    Just put it in an off-shore account.
     
  7. skates15

    skates15 [H]Lite

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    Once a upon a time bitcoins were supposed to be convertible in the sense that you could buy goods and services with them. Obviously you can convert them to dollars, which can then be used for services and goods, but there are few places that I've found which take bit coins, but that was back when they were trading at $75. I don't think that coffee shop in Austin which used to take bitcoins is going to have a customer order coffee with a 1K bitcoin and give change. To me it would be much more interesting if say, Target was going to take bit coins. And yes, I realize you can say the same for gold and silver, but my understanding of bitcoin was that it was going to be used to actually purchase things with it.