IRS Rules Bitcoin is Property and Subject to Capital Gains Tax

Now watching

Next video starts in : 7 Play

IRS Rules Bitcoin is Property and Subject to Capital Gains Tax

IRS Rules Bitcoin is Property and Subject to Capital Gains Tax
Replay video
Up next

Hillary Clinton’s real Wall Street problem: She could seriously use the money

Unlock your personal NFL Now stream by signing in to NFL.com

IRS Rules Bitcoin is Property and Subject to Capital Gains Tax

by TheStreet.com Videos 0:54 mins

The Internal Revenue Service has determined that bitcoin will be treated as property, not currency. In its first big ruling on the virtual currency on Tuesday, the IRS said that bitcoin does not have "legal tender status." As a result of bitcoin being regarded as property, it can be treated as capital assets, governed by the same rules as stocks and bonds. In addition, the IRS said that people who receive wages in bitcoins would also be subject to federal income and payroll taxes.

View Comments (3)