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IRS Says Bitcoin Is Property, Not Currency

wochit business
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March 25, 2014 AT 12:03 PM
The IRS issued its hotly anticipated guidance on bitcoin Tuesday, explaining that it will tax the digital money as property, not currency. In a notice posted on IRS.gov, the agency wrote: “For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.