IRS Will Tax Bitcoins, Virtual Currency Like Property

Law360, New York (March 25, 2014, 3:52 PM EDT) -- The Internal Revenue Service will treat bitcoins and other virtual currencies as property, not currency, for federal tax purposes, the agency said Tuesday.

The agency's stance means that virtual currency payments for services are taxable and subject to information reporting like other payments made in property, the IRS said. And taxpayers who receive virtual currency as payment for goods or services must include the fair market value of that currency in their gross income, measured in U.S. dollars as of the date the virtual currency was...
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