Tax Machine Blog™

Category: Bitcoin

Taxmachine.us issues press release stating that bitcoin is actually more like a currency

The Tax Blog, Taxmachine.us has issued a press release stating that bitcoin is more like a currency than property, and  “describes how existing general tax principles apply to transactions using virtual currency.  The notice provides this guidance in the form of answers to frequently asked questions.” Well, it’s too bad that taxmachine.us isn’t irs.gov, isn’t…

IRS decides that Bitcoin is not a currency. It is definitely “property.” (Even if you can’t touch it)

The IRS has issued a new FAQ on Bitcoin. Finally taking a position on the question “is it cash?” The IRS’s answer? “No!” Here’s what I’m more interested in – “will it blend?” The IRS has rule that bitcoin is property, not currency. I think we all saw this coming right? Well, bitcoin users. Welcome…