[ExI] Bitcoin

[Gordon]

Brent Allsop <brent.allsop at canonizer.com> wrote:


>Interesting!

>But this doesn't seem like much of an issue, since Bitcoins are
      like anything else you can purchase, such as a piece of artwork,
      that can appreciate in value, and so >the IRS would expect them to
      be taxed and enforced, in the same way.  


The Government Accountability Office.is saying that the IRS should consider bitcoins no different from, say, baseball cards. 

If you buy a baseball card for $50 and sell it to your neighbor for $100, should you report the gain on your tax return and pay the tax? Strictly speaking, you should. But if you don't, the IRS won't know about it. At least for now. 
AUDITORS AND IRS PAN TAX REGULATIONS FOR BITCOINS
>
>http://www.nextgov.com/cybersecurity/2013/06/auditors-and-irs-pan-tax-regulations-bitcoin/65051/?oref=ng-HPriver
>
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