Getting those tax records together for the 2015 filing season? Don’t forget about Bitcoin.
The Internal Revenue Service (IRS) issued guidance to taxpayers in 2014 on how to treat Bitcoin – and other virtual currency – for federal income tax purposes. That guidance, IRS Notice 2014-21 , (downloads as a pdf) indicates that Bitcoin and other “convertible” virtual currencies are to be treated as a capital asset. “Convertible” virtual currencies are generally defined as virtual […]
