Apr. 16, 2014
Get ready to report your bitcoins to the IRS
In March, the IRS issued a bevy of questions and answers about digital currencies like bitcoin. The biggest news is that it is considered property for tax purposes.
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.
In her annual report to Congress, U.S. Taxpayer Advocate Nina Olson said that the uses of digital currencies like bitcoin were growing rapidly. In fact, she said that between July and December 2013, bitcoin usage increased by over 75 percent - from about 1,700 transactions per hour to over 3,000. In the same period, the market value of bitcoins in circulation rose from approximately $1.1 billion to $12.6 billion.
Olson was reporting n...
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