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IRS Decides Virtual Currency is Really Property

posted Mar 29, 2014, 8:22 AM by Chattahoochee Valley Chapter


March 28, Washington, D.C.

On Tuesday, the U.S. Internal Revenue Service (IRS) finally published a set of guidelines for tax liabilities for Bitcoin, which is celebrating its fifth year of circulation as the world's most popular virtual currency. Just three weeks away from filing deadlines, the tax agency spelled out specific rules in a six-page Notice 2014-21, and the reaction from the Bitcoin community was, not surprisingly, mixed. That's because there's a sector that views this currency made out of computer code strictly as an investment and another that sees it as a payment system not much different from PayPal. Actually, it's both and even more.