Sunday, October 26, 2014   

US taxman says Bitcoin is taxable as property
(03-26 10:18)

The US tax authority on Tuesday ruled that Bitcoin will be taxed as property, like stocks or real estate, rather than as a basic currency.
Issuing the ruling just weeks before the April 15 deadline for paying 2013 taxes, the Internal Revenue Service may have dealt a setback to those wanting the online money to be officially recognized as a currency, like the dollar.
But the ruling benefited investors who could end up being taxed at a lower rate on gains they make from trading virtual currencies like Bitcoin.
“In some environments, virtual currency operates like 'real' currency,'' the IRS said.
“But it does not have legal tender status in any jurisdiction.''
As property, the gains made on Bitcoin and other virtual currencies sold after being held for more than a year would face a tax of 15 percent or 20 percent, depending on the person's level of income.
But any gains on Bitcoin traded in less than one year will be treated as income, which can be taxed at a significantly higher rate.
The IRS also made clear that anyone paid for services in Bitcoin or other virtual currencies have to report it as income.—AFP

   
Other Business breaking news:
China and 20 other countries sign up to regional bank (10-24 18:00)
Britain says EU is asking for bigger contribution (10-24 17:49)
British economy grows slower in Q3 (10-24 17:00)
Firm in China's first bond default to be restructured (10-24 16:59)
Hang Seng closes lower (10-24 16:22)
Pearson reports sliding sales (10-24 16:22)
European stocks fall at open (10-24 16:05)
BASF says won't meet 2015 targets (10-24 16:04)
ECB to unveil results of eurozone bank health check (10-24 16:04)
German consumer confidence stops falling: survey (10-24 15:59)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.