Yes, Even Bitcoins Could Be Taxable!

Is there anything that isn’t taxable? Well, yes, but it isn’t gain or losses from bitcoins. The IRS has recently ruled that since bitcoins are substituted for actual currency, anyone accepting bitcoins for goods or services would have income reportable in US dollars. If a taxpayer sells bitcoins or any other kind of virtual currency, there is a gain or loss on loss on the transaction no different than if any other currency were being sold on the market. The government views bitcoins, in this instance, as being an investment.

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