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IRS: Bitcoin Is Property, Not Currency



Are you struggling with how to deal with bitcoin on your tax return? Well, struggle no more. The Internal Revenue Service on Tuesday announced that bitcoin and other virtual currencies are treated as property, not currency, for federal tax purposes.

The announcement, which was released as Notice 2014-21 [PDF], is the first official clarification on behalf of the U.S. government for dealing with bitcoin and other virtual currencies, at least from a tax perspective

The IRS previously classified issuing guidance to assist users of digital currency as one of its most serious problems in its 2013 Annual Report to Congress Read more…

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