Taxes and virtual currencies: What you need to know
Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to report your transactions in Bitcoins and the like to the IRS. Despite some early misconceptions, virtual currency transactions can be traced