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[GIZ] IRS Declares Bitcoin Is Property and Must Be Taxed As Such

post #1 of 199
Thread Starter 
Quote:
With April 15 looming, plenty of bitcoin barons have been wondering how to treat their newfound crypto-fortunes. Does it count as capital gains? Is it taxed like a currency? Is it taxed at all? Well, on Tuesday, the Internal Revenue Service announced definitively that Bitcoin is property and much be taxed as such.



Source

Update: More info here

Added from AlphaC's post
http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance
http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Another from b.walker36
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
Quote:
Currency vs. Virtual Currency

FinCEN's regulations define currency (also referred to as "real" currency) as "the coin and paper money of the United States or of any other country that is designated as legal tender and that [ii] circulates and [iii] is customarily used and accepted as a medium of exchange in the country of issuance."3 In contrast to real currency, "virtual" currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. This guidance addresses "convertible" virtual currency. This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency.

Edited by nagle3092 - 3/25/14 at 1:24pm
 
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post #2 of 199
You forgot the source link.

Edit: It's fixed now; thanks.
Edited by Ferrari8608 - 3/25/14 at 11:51am
post #3 of 199
Thread Starter 
Quote:
Originally Posted by Ferrari8608 View Post

You forgot the source link.

Hmm, it was there when I previewed it, thanks updated.
 
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post #4 of 199
Trying to beat the power bill, losing money on transactions, and now the IRS wants their cut?

Mining is on tilt. Sell those GPUs now before the market is flooded with them or you'll lose even more money on low resell value.
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post #5 of 199
Good thing I don't live in the US.

If a US citizen buy 1 gold bar, would he be taxed ? IMO Bitcoin is taxable at the same extend as buying material and hoping it's price goes either up or down.
post #6 of 199
I knew this was coming, waiting on market flood of used cards! smile.gif
 
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post #7 of 199
cool ; can write off massive loss now, scedulele A me please /sarc
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post #8 of 199
smile.gif
post #9 of 199
If virtual currency is treated as property, I can't wait to see the taxes owed by Activision/Blizzard for every in-game WoW transaction made in the past year.

This judgement is so incredibly short sighted I foresee it being reverted before April 15th.
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post #10 of 199
And how are they going to prove you have any Bitcoins? What about the altcoins?
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