Of course the transactions can be tracked, but why????? If I just take
$100.00 I have one transaction to list, and no tracking of Cost Basis
whatsoever.
there needs to be strong incentive to incure this sort of inconvenience, and
at this point the only incentive has been for scammers to use e-gold. Since
they are breaking the law anyway, who the hell cares if they track capital
gains implications of thousands of transactions.
God help the people who participate in these scams however, because if the
IRS ever gets wind of the potential of lost capital gains revenue, they will
have a field day.
On Wed, 20 Dec 2000 12:26:28 -0600, Craig Haynie wrote:
>
> > I buy $1,000.00 US in e-gold. The price of gold goes down. I use
$100.00
> > of e-gold to buy something. I now have a transaction that needs to be
> > accounted for. In this case I will incure a capital loss, and say
still
> > have $850.00. Then someone buys something from me, and pay me in
e-gold,
> > $100.00. This is an income transaction. However, the price of e-gold
> goes
> > back up to what it was when I first bought my gold. I have more or
less
> > $1,000.00. If I buy something else, what is the basis for the
> transaction.
>
> Each transaction should be listed as a purchase or a sale of e-gold! You
can
> list the item purchased or sold in the memo field. If I buy $1000 US in
> e-gold, this goes in as an e-gold purchase, as it should. If I then SPEND
> $100 to Joe Blow for a used copy machine, then this goes in as a SALE of
> e-gold at the current exchange rate. If you want to list the copy machine
as
> an EXPENSE, then you will need to flag the transaction in some way, as an
> expense, or you may need to list it on a separate line. (If you have to
list
> it in a separate location, or on a separate line, as an expense, then I
see
> where you're coming from. You may need to make a double-entry for all
> itemized expenses.)
>
> Craig
>
>
>
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