The Bitcoin Boom: IRS Mum On Digital Currency

Law360, New York (January 28, 2014, 3:55 PM EST) -- Reed Smith attorney Angela Angelovska-Wilson bought a bitcoin last year for $15. This year, it's worth $1,000, but with the IRS unresponsive to questions from taxpayers and government officials alike, the financial regulation specialist says even she is unsure how to report her profit.

More than 1 million people like Angelovska-Wilson own part of Bitcoin's $12 billion market cap, but the IRS has not yet issued guidance on how it will treat the booming world of digital currencies.

“Bitcoin has very serious repercussions on taxation,” Angelovska-Wilson...
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