Topic: IRS treatment of Capital Gains (Read 449 times)
Man this is tough since there is no guidance yet. The safest thing to do is pay income tax on all your income. I would probably not treat it like a stock either, but that's just me being conservative.
To my knowledge, the IRS has not yet determined if Bitcoins will be considered currency or commodity, so it is not known if capital gains taxes will apply to Bitcoins that appreciate (or depreciate).
More information:
https://en.bitcoin.it/wiki/Tax_compliance
More information:
https://en.bitcoin.it/wiki/Tax_compliance
If I set up 2 different accounts on Coinbase, 1 for Hodling and 1 for Trading, will the IRS consider it the same "pool" for Capital Gains computations?
How do other folks deal with the "First-In First-Out" rules for computing capital gains?
Thanks!
How do other folks deal with the "First-In First-Out" rules for computing capital gains?
Thanks!
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