Digging in a little more about what to report and what to tax. This podcast below is a wealth of information for anyone that is holding a coin.
Some items i have heard:
Coinbase provided the IRS the information of anyone in their system with $20k or over in assets.
Deposits to Coinbase via FIAT currency are not taxable events.
Trade of BTC to Altcoin IS A TAXABLE event.
Reply with concerns or take-aways from this podcast.
*This is not tax advice. Consult a tax professional.
Right now the blockchain for bitcoin is so slow, it can't meet the 15-minute time limit that Newegg puts on each transaction. It just times out and you have to cancel the order and request a refund. Not a great experience just yet.
Move the BTC to your bank account or PayPal and do the transaction from there. Much better.