IRS says to treat Bitcoin as ‘property’ for tax purposes

Some believe that this IRS decision could possibly signal mainstream acceptance for Bitcoin

Frequently referred to as a “virtual currency” according to the Internal Revenue Service (IRS), the proper name for Bitcoin may just be “virtual property.”

On March 25, the IRS announced that it would treat Bitcoin as “property” for tax purposes. That means virtual currency holders who have not previously reported their Bitcoin holdings will have new hoops to jump through come tax season.

Assistant Editor

author image

Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.