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IRS Rules Bitcoin is Property and Subject to Capital Gains Tax

Date:
March 28, 2014
Source:
TheStreet / Powered by NewsLook.com
Summary:
The Internal Revenue Service has determined that bitcoin will be treated as property, not currency. In its first big ruling on the virtual currency on Tuesday, the IRS said that bitcoin does not have "legal tender status." As a result of bitcoin being regarded as property, it can be treated as capital assets, governed by the same rules as stocks and bonds. In addition, the IRS said that people who receive wages in bitcoins would also be subject to federal income and payroll taxes. Video provided by TheStreet
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