Bitcoin, blockchain, cryptocurrency… Digital and virtual currencies are all the rage lately. However, just because there isn’t a physical coin in hand, doesn’t mean they are shielded from taxes. Following are some virtual currency tax consequences you must know if you decide to dip your toe in that world.
“While Bitcoin is the most popular virtual currency there are many others (e.g. Ripple, Ethereum, Lite Coin, etc.). The IRS rules on income recognition apply regardless of which virtual currency you’re using.” — Ren Cicalese III, CPA, MST
The IRS Is Paying Close Attention Read more