Tag Archives: Virtual currency

Bitcoins Ruled As Taxable Property by the IRS

The US Government has recognized Bitcoins which is good in a way but at the same time they have decided to view them as property, making them taxable. If they had decided that the virtual currency actually was a currency then a tax could not be placed on them when they gain in value. Some view this as making the currency legitimate, and a good thing.

Bitcoin Magazine

Bitcoin Magazine (Photo credit: zcopley)

The fact that they can now be taxed reduces the interest for some who see the risk in the fluctuations in value and don’t want to take on the … Read the rest