Tax Machine Blog™

Category: cryptocurrency

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…

A Coin to rule them all

So, that pesky little government shut-down? It’s really not that big of a deal. We’ve had plenty since Jimmy Carter was president Yet – somehow – we’ve managed to get through them. What’s scarier than a government shutdown? The debt ceiling. It’s not really in dispute that coming up against the debt ceiling could do some…

SecondMarket says the fund will make it possible for investors to have access to the bitcoin market without dealing with the sometimes unreliable online exchanges and the complex security issues involved in storing digital money. Packaging bitcoins as a fund may also allow the investment to be kept in tax-advantaged retirement account, Mr. Silbert said.

-New York Times: Fund to Let Investors Bet on Price of Bitcoinsbitcoin

What do you think? Share your thoughts in the comments below.