Oct. 30, 2013
Can you pay your lawyer in bitcoins?
There is confusion whether transactions in bitcoin should be treated as property, barter, foreign currency, or a financial instrument.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If you're like me, you only started hearing about bitcoin within the last year, but it seems to be taking the tech world by storm. It is the best-known virtual currency, and recently surged from a relatively stable $135 throughout September to a mid-October value of around $210. The emerging popularity of bitcoin raises tax questions, and the Internal Revenue Service is sure to want a piece of the action.
Some lawyers have started...
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