IRS: Bitcoin is Taxable
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While the Bitcoin cryptocurrency is still a relatively new phenomenon, it is one that is generating real money for people. Enough money, in fact, that Bitcoin has now attracted the official interest of the U.S. Internal Revenue Service.
The taxman always wants to get his due, and Bitcoin is no exception.
In a notice posted on the IRS Website on March 25, the IRS provided official guidance on how virtual currency like Bitcoin should be treated for taxation purposes.