Most Recent Articles In Fashion Scoops
Latest Fashion Scoops Articles
- Catwalking on the Eiffel Tower
- Tom Ford Toasts Lisa Eisner in Los Angeles
- Jared Leto, Alessandra Ambrosio Celebrate Rimowa Store Opening
More Articles By
THE TAXMAN COMETH FOR BITCOIN: The Internal Revenue Service laid out new rules for the treatment of virtual currencies, such as Bitcoin, which might give shoppers pause. Bitcoin will be treated as property similar to stocks or bonds for federal tax purposes and not currency.
That means shoppers who held Bitcoins as their value increased and then used the computerized currency to buy goods would have to pay taxes on those gains to the federal government.
“In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, has tax consequences that may result in a tax liability,” the IRS said Tuesday.