What Are the Next Big Trends in Virtual Property?
Virtual worlds have become popular because they enable users to experience something that is otherwise not possible in the real world. The possibilities are endless, and we are still only scratching the surface of what can be done in virtual worlds. The next big trend in virtual property is that it will be more accessible than ever before, aided by the likes of Next Earth, which has made virtual property available to all through an NFT-based replica of Earth. Further accessibility will be made possible by a combination of technological advancements, including better rendering capabilities,....
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Another eventful week at CCN. We learned that the United States Internal Revenue Service (IRS) is treating bitcoin as property for tax purposes, that the bitcoin price dropped below $500, that transaction malleability did not bankrupt Mt. Gox, and more. Here are our top stories for the week of 24 March - 30 March in case you missed them. [youtube http://www.youtube.com/watch?v=shkvBF6n1DY?rel=0]. IRS Virtual Currency Guidance. The IRS is treating virtual currencies as property for tax purposes. The United States has finally set some clear rules regarding taxation of bitcoin. According to....
In a recent IRS News Release, America's Internal Revenue Service reveals their Virtual Currency Guidance. While Bitcoiners are busy watching the Coinsummit livestream, the IRS Virtual Currency Guidance that was promised many months ago has been leaked. The most noteworthy points are right in the title: Virtual Currency Is Treated as Property for U. S. Federal Tax Purposes. General Rules for Property Transactions Apply. Here is the full release: IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U. S. Federal Tax Purposes. General Rules for Property Transactions....
The Treasury Inspector General for Tax Administration recently released a paper on taxation of virtual currencies including Bitcoin, officially requesting the IRS to provide guidance for tax treatments of digital currencies and develop a strategic approach. Based on the 2014 tax guidance for virtual currencies released by the Internal Revenue Service (IRS), digital currencies like Bitcoin are considered labeled as property for tax purposes. The report of the US treasury reads: “The notice provides that virtual currencies should be treated as property for tax purposes. The same general tax....
A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant....
The United States’ tax agency, the Internal Revenue Service, clarified its position on cryptocurrencies Tuesday in a statement. The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency. In some environments, virtual currency operates like “real” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender,....