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IRS Taxing Bitcoins
By Analyst on June 19, 2013
Even though we know there are some 11 million bitcoins in circulation worldwide, nobody’s sure how many users are American; so it’s impossible to calculate how much money Washington is losing on transactions conducted using the anonymous digital tender. In a report out Monday, the Government Accountability Office concludes that if only bitcoin users were better informed, they’d start paying up.
“Taxpayers may be unaware that income from transactions using this type of virtual currency may be taxable,” the GAO paper reads, “or if they are aware, uncertain on how to characterize it.”
http://news.yahoo.com/tax-man-cometh-bitcoins-060005533.html
*Excerpt from Yahoo News. News article copyright Brian Fung at National Journal.
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