Tax
Apr. 16, 2014
An awkward moment as taxman eyes bitcoin
New rules clarifying that bitcoin users must report capital gains from buying and selling bitcoins initially sparked concern about the future of the currency. But attorneys say Bitcoin isn't going away anytime soon.
Daily Journal Staff Writer
Recent Internal Revenue Service guidance on bitcoin threatens headaches for those who use the digital currency for buying and selling goods. Now expected to claim bitcoins as property, not currency, users will be on the hook for reporting capital gains realized through the purchase and sale of bitcoins - even if a gain resulted from buying a $2-equivalent cup of coffee. But despite initial concerns about the n...
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