IRS Rules Bitcoin is 'Property,' Subject to Tax

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QDP2012

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"The IRS ruled Tuesday that the embattled virtual currency Bitcoin is “property, not currency,” paving the way for regulation in the U.S. The decision by the Internal Revenue Service subjects the currency and its users to capital gains and income tax and requires that digital currency operators make significant, perhaps costly, updates to abide by strict record-keeping rules. This marks the first time the currency, which was the subject of a multimillion-dollar theft earlier this month that triggered the bankruptcy of Mt. Gox, has been forced to comply with widespread taxable federal regulations." -- FoxBusiness.com

IRS Rules Bitcoin is 'Property,' Subject to Tax -- FoxBusiness.com
 
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