By Sarah O'Brien
- Bitcoin and its brethren are viewed as property, not currency, by the IRS.
- A U.S. court has ordered Coinbase to turn over identifying information on 14,000 accounts.
- The onus is on investors to report gains to the IRS.
Roger McNamee: Here’s what matters about bitcoin 12:14 PM ET Wed, 29 Nov 2017 | 03:21
If you’re a bitcoin investor and have cashed in on your gains — or made purchases using the cryptocurrency — don’t forget the Internal Revenue Service is entitled to a piece of the action.
The value of one bitcoin has surged this year to more than $9,000 as of Thursday morning from $997 (and up from less than a dollar in 2010). There’s a good chance if you have cashed out or paid for anything using it, you have capital gains to report to the IRS…