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Are Bitcoins subject to taxes?

Posted on September 6, 2022 by admin

The IRS has not yet addressed Bitcoin. After more than a decade since the creation of Bitcoin, there is still much uncertainty about how it should be taxed. The cryptocurrency was intended to serve as a means of everyday transactions, but it has yet to take hold as a currency. Meanwhile, speculators and traders have grown interested in making a quick profit by trading its volatility.

The Internal Revenue Service acknowledged cryptocurrency transactions in its notice 2014-21, treating them as assets similar to property. The agency continued by stating that in 2019, it would begin including a question on the Form 1040 to determine whether the tax payer had any cryptocurrency transactions during said year.

Depending on the type of transaction, assets may be taxed in different ways. However, Bitcoin has several exceptions due to its unique characteristics and use cases.

Bitcoin is now available on exchanges and has been linked to a variety of major world currencies, such as the US dollar and the euro.

When the government recognized bitcoin’s rise in popularity, it stated that bitcoin-related transactions and investments cannot be characterized as unlawful.

 

Posted in Bitcoins, TaxTagged Bitcoins, Tax

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