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"Given that it's not a currency according to the government, you probably don't need to pay taxes when you earn a profit in it" What? No. http://www.irs.gov/t
by illuminate 14y ago
"Given that it's not a currency according to the government, you probably don't need to pay taxes when you earn a profit in it"
What? No.
http://www.irs.gov/taxtopics/tc420.html http://www.irs.gov/taxtopics/tc420.html
- aneth4 14y agoUnclear whether the virtual currency itself would be considered of value by the government. If not, the person paying in bitcoin would probably have to pay income tax on the fair value of the goods or services.