Become a fan of Slashdot on Facebook

 



Forgot your password?
typodupeerror
The Almighty Buck Bitcoin Government United States Your Rights Online

BitCoin Mining, Other Virtual Activity Taxable Under US Law 239

Posted by timothy
from the them-as-has-gits dept.
chicksdaddy writes "Beware you barons of BitCoin – you World of Warcraft one-percenters: the long arm of the Internal Revenue Service may soon be reaching into your treasure hoard to extract Uncle Sam's fair share of your virtual wealth. A new Government Accountability Office (GAO) report on virtual economies finds that many types of transactions in virtual economies – including Bitcoin mining and virtual transactions that result in real-world profit – are likely taxable under current U.S. law, but that the IRS does a poor job of tracking such business activity and informing buyers and sellers of their duty to pay taxes on virtual earnings. The report, 'Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks' found that the growing use of virtual currencies like BitCoin and virtual game currencies warrants the U.S.'s tax collection agency to mitigate the risks. Those include efforts to educate taxpayers and the publication of basic tax reporting requirements for transactions using virtual currencies, The Security Ledger reports."
This discussion has been archived. No new comments can be posted.

BitCoin Mining, Other Virtual Activity Taxable Under US Law

Comments Filter:

"I got everybody to pay up front...then I blew up their planet." "Now why didn't I think of that?" -- Post Bros. Comics

Working...