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As Bitcoin has no country or jurisdiction of origin, I fail to see how Bitcoin can be classified as foreign. I also fail to see how the IRS has any regulatory
by rishimoko 14y ago
As Bitcoin has no country or jurisdiction of origin, I fail to see how Bitcoin can be classified as foreign.
I also fail to see how the IRS has any regulatory power over a currency not defined by US tax law.
- tptacek 14y agoOne easy way to disabuse yourself of this notion is to take a job working remote for a Canadian company.
- rishimoko 14y agoThe difference being they can't see you getting paid in bitcoins. They can see you getting paid through banks. They have no regulatory power regarding Bitcoin because they have no way to enforce it.
- gamblor956 14y agoThe IRS is not regulating the foreign currency. It is regulating your conduct as an American taxpayer, pursuant to a Congressional grant of such authority.
- rishimoko 14y ago> It is regulating your conduct as an American taxpayer It can't regulate conduct it can't see.