Is Bitcoin considered taxable income by IRS?

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Nabil
Posts: 4
Joined: Sat Apr 06, 2019 5:09 pm

Sat Apr 06, 2019 5:21 pm

Someone gave me a bunch of bitcoins, I have to announce this to IRS?
labie
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Joined: Thu May 23, 2019 5:47 am

Tue Jun 11, 2019 1:12 pm

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.
Nabil wrote:
Sat Apr 06, 2019 5:21 pm
Someone gave me a bunch of bitcoins, I have to announce this to IRS?
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williamsp23
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Joined: Thu Jun 06, 2019 10:44 am

Wed Jun 12, 2019 11:11 am

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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