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That is exactly the kind of thinking that will potentially get us into this trouble in the first place. If you have an income you pay taxes on it, end of story. If you think some income is exempt just because it's a little harder to trace and don't declare it, you are committing tax evasion.

I'm not at all advocating tax evasion, rather pointing to the fact that bitcoin is currently terra incognita which the government does not know how to handle.

As far a the country I pay taxes in is concerned, if I told them I'd like to declare an income of 100BTC, they'd have no fucking clue what weird funny money I'm talking about.

Governmental recognition and adoption of BTC alongside existing currency is the best case scenario for everyone, governments and BTC community alike.

In America, at least, you should denominate your earnings in USD, even if they are held in a foreign currency.

"If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars."


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