As Certain as Death and Taxes: Consumer Considerations of Bitcoin Transactions for When the IRS Comes Knocking
20 Pages Posted: 11 Dec 2013
Date Written: December 9, 2013
Bitcoin is the first decentralized digital-currency. Due to the infancy and only recent popularity, consumers transacting in bitcoins are likely unaware of the tax implications involved. At this time, there are no known legal decisions on how Bitcoin transactions should be taxed. This paper explores the likely tax implications for everyday consumers exchanging bitcoins for property and services.
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