19 Jun '13, 7pm

As Bitcoin grows more popular, the chances of an IRS crackdown grow more likely

Tthe U.S. Government Accountability Office’s new report on the tax implications of virtual currencies is definitely the GAO’s most cyberpunk moment to date. The report name-checks “World of Warcraft,” “Second Life” and, of course, Bitcoin. Yes, that’s right, the U.S. government is pondering how the IRS should deal with MMORGs (massively multiplayer online role-playing games). Don’t worry — if you’ve got piles of gold accumulating in your “WoW” account, you don’t need to declare it. Although, if you find a way to sell that gold to some other party in exchange for legal tender, that’s a different story. That’s income, and it’s probably taxable. But “WoW,” and “Second Life,” are sideshows. The specter of the IRS casting a shadow over Bitcoin, which the GAO concludes is “the most widely circulated virtual currency available,” is the meat of the report. Just the fact that the U...

Full article: http://www.salon.com/2013/06/19/bitcoin_tax_time/

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