The IRS has published guidance in respect of the use of Bitcoin and similar digital currencies. These are to be regarded for federal tax purposes as property rather than currency. This should remove uncertainty about the tax treatment of these digital currencies and improve tax compliance. The IRS has issued its guidance in the form of frequently asked questions to enable taxpayers to quickly find the answer to problems they may have with the tax treatment. The guidance points out that digital currencies do not have the status of legal tender in any jurisdiction and that their treatment as property for tax purposes is therefore appropriate.
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