2 ms·
https://www.irs.gov/newsroom/irs-virtual-currency-guidance https://www.irs.gov/newsroom/irs-virtual-currency-guidance pointing to https://www.irs.gov/pub/irs-dr
by protomyth 9y ago
https://www.irs.gov/newsroom/irs-virtual-currency-guidance https://www.irs.gov/newsroom/irs-virtual-currency-guidance pointing to https://www.irs.gov/pub/irs-drop/n-14-21.pdf https://www.irs.gov/pub/irs-drop/n-14-21.pdf
With the big question first:
Q-1: How is virtual currency treated for federal tax purposes?
A-1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.
- czep 9y agoYes, but the memo you quote is fairly recent. Before that, the prevailing guidance seemed to be that bitcoin should be treated as currency, not property. So as of what date does this rule take hold?
- adventured 9y agoThe IRS specification on Bitcoin has been set for five tax years now, including for 2013. https://www.coindesk.com/internal-revenue-service-treat-digital-currencies-property/ https://www.coindesk.com/internal-revenue-service-treat-digi...