Can The IRS Tax Bitcoin?

There seems to be a lot of confusion around Bitcoin/cryptocurrency as it relates to taxation. Many people believe that the IRS will not or does not have the authority to tax bitcoin and other cryptocurrencies.

However, the IRS the official taxing authority in the United States, indeed does have the power to levy taxes on Bitcoin and other cryptocurrency on the gains/profits from the sale of those assets.

Many people are not aware that the IRS classified Bitcoin and all cryptocurrencies as property/asset, 2014. That ruling makes and profits from the sale of Bitcoin and cryptocurrencies taxable if there is a gain/profit on those transactions

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