Mon, Nov 24, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Categorized | Currencies more

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


 Article link

This post was written by:

VRS - who has written 38089 posts on Opalesque Commodities Briefing.


Contact the author

Comments are closed.

banner
November 2014
S M T W T F S
« Oct    
 1
2345678
9101112131415
16171819202122
23242526272829
30