While the cryptocurrency Bitcoin is intended to be a type of currency used in lieu of or in addition to money, the IRS and courts have yet to agree.
Read MoreOne of the questions asked by U.S. taxpayers regarding virtual currency is how gains or losses are treated and thus taxed by the IRS. While the IRS did issue Notice 2014-21 to address 16 frequently asked questions, the Notice only touches upon some of the realities of Bitcoin transactions (e.g., sales or exchanges).
Read MoreFew would say that one would not benefit from having more money. Given the birth of cryptocurrency[1], can the same be said about Bitcoin? That, at least in part, depends on whether Bitcoin is equivalent to money. What is Bitcoin?
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