10 May '13, 11am

Will the IRS take a bite out of Bitcoin?

Will the IRS take a bite out of Bitcoin?

Business May 10, 2013 at 7:50 AM 7:50 AM Bitcoin is a good way for people to conduct business off the grid , but the free ride may soon come to an end. Everyone’s favorite virtual currency has been on quite a wild ride over the past few weeks. The mainstream media finally caught wind of Bitcoin and curious parties sent it skyrocketing to $220 before watching it plummet below $70 a few short days later. It has been quite a roller coaster, but all this attention may have caught the IRS’s eye, too — Forbes contributor Robert Wood noted in a recent column that the Treasury’s FinCEN already has rules pertaining to Bitcoin , and soon the IRS might as well. “Income is income, whether you get it in cash or in kind,” Wood wrote. “Bitcoin may be accepted as currency and may not be easy to trace but so are trades and barters. When you barter or swap one item for another, both parties...

Full article: http://bgr.com/2013/05/10/bitcoin-taxes-irs-analysis/

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