Sunday, November 29, 2020

Tag: IRS Scales Back Tax Investigations Into Bitcoin Owners— for Now

IRS Scales Back Tax Investigations Into Bitcoin Owners… for Now

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by Kenneth Schortgen, The Daily Economist:
One of the most confusing things about the rise of cryptocurrencies is that most countries at the present time are implementing different rules and regulations regarding their ownership, taxation, and even definition. For example, the country of Japan has gone full bore into cryptocurrencies, even passing laws that legitimize Bitcoin as a medium of exchange while also removing any tax obligations on its purchase or use. Yet over in the U.S., a court ruling calling Bitcoin a security is the current standard, and means that transactions in the cryptocurrency are to be designated as property, and subject to capital gains taxes.