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IRS says bitcoin is property, not currency

Posted on 26 March 2014

The Internal Revenue Service made its first pronouncement on the issue Tuesday, saying it will treat bitcoin and other virtual currencies like property such as stocks, and not currency, giving a potential boost to investors but imposing extensive record-keeping rules. The rule generally would impose capital-gains taxes, rather than higher regular tax rates, on investors’ profits.
The announcement brought cautiously favorable reaction from the fledgling industry. But some experts predicted problems for bitcoin as well as for the IRS in enforcing the reporting and withholding requirements in the guidance……………………………….Full Article: Source


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