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IRS: Virtual Currencies are Taxable

posted by LaminatorX on Wednesday March 26 2014, @08:40AM   Printer-friendly
from the you-know-you've-arrived-when dept.

gishzida writes:

Reuters reports, "Wading into a murky tax question for the digital age, the Internal Revenue Service said on Tuesday that virtual currencies such as Bitcoin are to be treated as property for tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency," the IRS said in a statement."

Better put that BTC wallet in a mattress.

 
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  • (Score: 5, Informative) by Thexalon on Wednesday March 26 2014, @09:16AM

    by Thexalon (636) on Wednesday March 26 2014, @09:16AM (#21471) Homepage

    Regardless of whether "virtual currency" is in fact a currency, your virtual currency holdings are definitely assets. Non-cash assets can be taxed - for example, you pay taxes on any real estate you own. They can and do also factor in transactions involving securities, commodities, and foreign currency when determining how much you owe them.

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