31 Mar '14, 11am

New IRS rules make using Bitcoins a fiasco via @CNNMoney

New IRS rules make using Bitcoins a fiasco via @CNNMoney

The IRS now forces you to keep a strict record of every Bitcoin purchase made all year long -- a complicated bookkeeping game. NEW YORK (CNNMoney) The United States' new Bitcoin tax rules just made casual, everyday use a complicated bookkeeping headache. The Internal Revenue Service's notice last week will force the average Bitcoin user to keep a strict record of every purchase made all year long -- then perform difficult calculations to account for the changing value of a bitcoin. It's meant to extract taxes from any gains in Bitcoin's value, and the rule applies to everything bought with electronic money, from coffee to cars. That's problematic for two reasons. The going rate for a bitcoin fluctuates wildly -- easily by more than $10 a day. And no one diligently records the price of a bitcoin at every purchase. "That would obviously create an accounting nightmare for tax...

Full article: http://money.cnn.com/2014/03/31/technology/irs-bitcoin/in...

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