You are here

Home 🌿 Cannabis Technology News 🌿 Property, commodity or currency? Virtual currencies and taxes 🌿

Property, commodity or currency? Virtual currencies and taxes

Submitted by Marijuana News on Wed, 10/28/2015 - 21:45

Tax season is usually a stressful time, as families and businesses perform all the necessary calculations to find out how much they have to give to Uncle Sam. However, when dealing with traditional assets, the rules are in writing. When dealing with something digital such as virtual currency, you have entered a gray area, which can be immensely confusing. However, we can find some guidance for this topic, despite the shifting nature of virtual currency regulation.

First, let's look at an actual IRS frequently asked questions document, released last year. According to that document, "For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency."

In addition, virtual currency does not generate foreign currency gain or loss according to the IRS. If you receive virtual currency as payment, you have to include it as part of your gross...

READ MORE: 
Bradley Cooper
Rate this article: 

This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.


420 Intel is Your Source for Marijuana News

420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.

420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.

Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.

You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.