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The IRS will treat digital money such as Bitcoin like property, not currency for tax purposes, the agency said Tuesday in a notice.
Although Bitcoin may operate like coin and paper currency and can be used to pay for goods and services, no country accepts it as 'legal tender,' the IRS said.
'Virtual currency is treated as property for U.S. federal tax purposes,' the notice said. 'General tax principles that apply to property transactions apply to transactions using virtual currency.'
The guidance means that wages paid in Bitcoin are subject to federal income tax withholding and payroll taxes and must be reported on W-2 forms.
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Posted by Unknown on Tuesday, March 25, 2014 - Rating: 4.5
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