I'd also like to see some kind of reform for the ridiculous situation created by IRS declaring bitcoin as property without any clear process of accounting and reporting it on your taxes. Look at this: https://en.bitcoin.it/wiki/Tax_compliance ...what am I suppose to do here?
You're supposed to treat Bitcoin just like all other foreign currency is treated for income tax purposes: as property, because it is not currency for U.S. tax purposes. It's not rocket science; the basic principles are generally the same in almost all Western countries and have been for decades.
You're supposed to treat Bitcoin just like all other foreign currency is treated for income tax purposes: as property, because it is not currency for U.S. tax purposes. It's not rocket science; the basic principles are generally the same in almost all Western countries and have been for decades.