28 Mar '14, 5pm

This week in bitcoin: IRS declares bitcoin is property, price falls below $500

This week in bitcoin: IRS declares bitcoin is property, price falls below $500

In this week’s bitcoin review, we recap the first formal U.S. government stance on the cryptocurrency and the market falling more than $100. So, it’s property, not currency. Everyone knew the taxman was going to come after his share of the riches soon enough. The question that lingered though was how: was bitcoin to be taxed like a currency or like property? Jeff Roberts explained in an article earlier this week the options that the IRS had to consider and how some of bitcoin’s newly minted millionaires should report their income. The next day, the IRS declared it to be property and subject to capital gains or losses. The decisions does mean a headache-inducing amount of paperwork and keeping track of things. For example, if someone buys a TV or cup of coffee with bitcoin, they have to calculate the change in value from the date they acquired the bitcoin to the date it was...

Full article: http://gigaom.com/2014/03/28/this-week-in-bitcoin-irs-dec...

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