Published On: Sun, Oct 22nd, 2017

Using Bitcoin to Buy Things Could Trigger IRS Tax Bill

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Using Bitcoin to buy everyday things, such as a burger, could trigger a tax bill from the IRS due to cryptocurrency being considered property. However, there is potential relief on the way in the form of new legislation.
The last few years have seen a meteoric rise in cryptocurrency, which has been quite exciting for a lot of people. National governments have been less excited about Bitcoin and its brethren as they grope to find ways to legislate and regulate this new, decentralized virtual economy. It is true that cryptocurrency is being more accepted, as seen by the increasing number of retailers willing to take Bitcoin for purchases, but there are major wrinkles that could crop up. For those living in the United States, a major consequence of using cryptocurrency to buy something is that it could trigger a tax bill from the IRS.

You Can’t Escape the Taxman
An interesting article on CNBC discusses how using Bitcoin to purchase something as innocuous as a Subway sandwich could lead to the need to include that transaction on a person’s yearly tax filing. The reason for this potential headache is that the IRS considers cryptocurrency, such as …

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