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It is my impression that earlier this year the IRS, in some non-binding way (a press release or something?) said that they suggested people treat bitcoin as a c
by jlgreco 13y ago
It is my impression that earlier this year the IRS, in some non-binding way (a press release or something?) said that they suggested people treat bitcoin as a commodity for tax purposes, not a currency. I may be recalling incorrectly since I can't find anything saying that now, but whether it is a currency or a commodity is certainly something that has been frequently discussed.
The important part of this news seems to be that bitcoin is indeed going to be a currency. That currencies can be regulated is not news at all.
- dragonwriter 13y agoThis case is almost completely unrelated to Bitcoin's treatment under tax law; the court finding that Bitcoin is "money" for purpose of the Exchange Act and thus that transactions involving it meet that prong of the test for whether they are "securities" transactions subject to that Act does not say anything about their treatment under tax law. In computing terms, the definition of a local variable in one scope doesn't tell you anything about a variable with the same name in a different scope.