The IRS clarifies that it treats bitcoin as taxable property, not currency

The US Internal Revenue Service has clarified its position on convertible virtual currencies, including bitcoin. The agency noted that bitcoin will be treated as property, rather than currency, for tax purposes. While the IRS acknowledged that some virtual currencies operate similar to “real” currency, it noted that no country has approved them as legal tender. Convertible virtual currencies are defined as those that have “an equivalent value in real currency.” A FAQ section of the document explains the types of reporting that you’ll need to file if you’re trading in bitcoins and other convertible virtual currencies. For instance, if you...

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