IRS decides how it will tax Bitcoins

The IRS says bitcoins will be taxed like property and not currency, reports Reuters.

It’s the same conclusion the CRA came to a last fall, which you can read about here.

Read: Fast facts on Bitcoin

The decision means that U.S. bitcoin owners will be subject to capital gains on the fair market value of the online asset. Reuters says the new rule will deter bitcoin miners, who use complex computer algorithms to acquire new coins, from searching for new ones.

More than 80,000 bitcoin transactions occur every day.

Read more here.

Also read:

Bitcoin’s mysterious founder unmasked?

Taxing cryptocurrency

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.