IRS deems bitcoin to be property not currency

bronco2078

the taxman wants his slice


This is probably designed to make it more difficult for companies to accept bitcoin as some have started to recently.


Bitcoin allows the possibility of examining past transactions and tracing them at to IP addresses . If a purchase using bitcoin becomes a taxable event and bitcoin appreciated in dollar terms from when you acquired them to when you spent them then short or long term taxes will be due apparently.

jmski52

Virtual real-time taxation. And I had thought that bitcoin wasn't traceable - at least that was the hype.

ricko

Yep... if it can be taxed, it will be taxed.... and everything can be taxed. Cheers, RickO

derryb

Not unexpected. There will be only one recognized currency, always has been.

Easy record keeping for the speculator, just another investment. Not so easy for someone accepting them as payment in lieu of dollars. This will affect the number of merchants who accept them and in turn will affect their speculator value.

cohodk

Bitcoin is no different than a dozen eggs.

BAJJERFAN

<< <i>Bitcoin is no different than a dozen eggs. >>



If ya wanna make an omelet ya gotta break some bitcoin/s!

element159

<< <i>And I had thought that bitcoin wasn't traceable >>


I think that Bitcoin is *extremely* traceable. Every single transaction you make, ever, is stored, on all kinds of machines, for ever and ever.

vladguerrero

...but Paypal skirts banking regulations.

derryb

<< <i>...but Paypal skirts banking regulations. >>


by being classified as a payment processor, sorta like your credit card company.