Bitcoin Taxes 2016: Accurately Reporting Bitcoin Usage
Editor’s note: The original introduction to this article has been replaced with one written by tax accountant Daniel Winters, which corrects some factual inaccuracies in the original. While the IRS rules have not changed since last year, it’s important to understand how to handle the taxes on Bitcoin transactions since Bitcoin income is not tax free. Accurately reporting taxes for Bitcoin can be tricky since the IRS treats Bitcoin as property, NOT currency. Since Bitcoin is property, you need to calculate gains or losses. The number of Bitcoin users has grown significantly since 2015, and....
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