Wsj article - how will the irs tax bitcoin?

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Date created: Sun, May 16, 2021 12:52 AM

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The IRS says cryptocurrencies like bitcoin are investment property, not currencies. This year’s tax-form change shows the agency is cracking down on crypto investors who are skirting the rules.

Your big unreported profits on bitcoin, ether or dogecoin could translate into big problems with the IRS. On the hunt for tax cheats, Uncle Sam is winning court battles to force cryptocurrency ...

Pay your taxes on bitcoin…or else. Late last year, the Internal Revenue Service persuaded a federal judge to require Coinbase, a San Francisco-based digital-currency wallet and platform with ...

Not until I read the Wall Street Journal article How will the IRS Tax Bitcoin?, written by Laura Saunders, did I even think about taxation of bitcoin. With its value rising from $14 to $738 in 2013 (down from a high of $1,117 in November) holders of the currency undoubtedly have realized gains or losses.

The Wall Street Journal. - Ransomware is to bitcoin as the Internal Revenue Service is to the dollar. Just as the taxman forces you to use dollars to pay your taxes, electronic ransom demands have been set in bitcoin, forcing companies, individuals and even some governments to use the cryptocurrency if they wish to regain …

Advertisement. The IRS treats cryptocurrency as property and, when it’s sold at a profit, the tax collection agency will assess a capital-gains tax. If, that is, the IRS knows the transaction ...

According to the IRS guidance, bitcoin does not receive Section 988 ordinary loss treatment, which is unlimited; instead, it’s capital-loss treatment is limited to $3,000 per year. The IRS guidance stresses a point — widely overlooked by many taxpayers — that using bitcoin to purchase an item or service triggers capital gain or loss recognition reflecting appreciation or depreciation of bitcoin.

Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics.

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