“The
taxman has spoken, said Richard Rubin and Carter Dougherty in
Bloomberg.com. In ‘its first substantive
ruling on the issue,’ the Internal Revenue Service said this week that it will
treat Bitcoins ‘as property’ for tax purposes, applying the same rules used to ‘govern
stocks and barter transactions.’ The
distinction may limit Bitcoin’s utility as a digital currency, but owners may
benefit as profits from transactions will be taxed as capital gains, with a cap
of 20 percent, and not as ordinary income, which is subject to a top tax rate
of 39.6 percent.” [Source: The Week, April 4, 2014]
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