When Do You Pay Taxes On Bitcoin Like any other income, Bitcoin earnings are taxable. For most people, this means reporting Bitcoin earnings as part of their annual income tax return. The Internal Revenue Service (IRS) treats Bitcoin as property, not currency. This means that when you earn Bitcoin, you must report it as income […]
How Does Bitcoin Affect Taxes
Bitcoin usage is on the rise, but what does that mean for taxes? Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is decentralized, meaning it is not subject to government or financial institution control. Bitcoins are created through a process called “mining.” Miners are rewarded with bitcoins […]
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