Is Bitcoin considered taxable income by IRS?
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Even though some nations like Malta, Switzerland and, Malta have all maintained a positive disposition towards digital assets to some extent, reports show that government officials are not fully convinced yet.
Most Bitcoin owners, however, want to comply with IRS regulations. The IRS classifies all cryptocurrencies as property. ... If you "sell" some Bitcoin at a profit that you purchased within the last year, you will have to report short term capital gains on your tax return and pay ordinary income tax rates
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