{"id":3820,"date":"2014-03-25T14:25:33","date_gmt":"2014-03-25T18:25:33","guid":{"rendered":"https:\/\/wncen.com\/?p=3820"},"modified":"2020-10-07T11:38:59","modified_gmt":"2020-10-07T11:38:59","slug":"internal-revenue-service-bitcoin-treated-property-federal-tax-purposes","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/internal-revenue-service-bitcoin-treated-property-federal-tax-purposes\/","title":{"rendered":"IRS: BTC Should Be Treated as Property For Federal Tax Purposes"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3821\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2014\/03\/IRS-logo.jpg?resize=500%2C289\" alt=\"IRS logo\" width=\"500\" height=\"289\"><\/p>\n<p>Just in time for the income tax filing deadline comes a <a href=\"http:\/\/www.irs.gov\/pub\/irs-drop\/n-14-21.pdf\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">news release<\/a> from the Internal Revenue Service (IRS) regarding the taxation of bitcoin and other digital currencies.<\/p>\n<p>In short, the notice states that virtual currency shall be treated as property for federal tax purposes in the United States. Some interesting points:<\/p>\n<ul>\n<li>Virtual Currency not treated as currency that can generate foreign currency gains\/losses<\/li>\n<li>Taxpayers are liable for determining the fair market value of their virtual currency<\/li>\n<li>Taxpayers must report gains\/losses upon exchange from virtual currency to fiat currency, for example<\/li>\n<li>Miners must report mined coins at fair market value upon receipt<\/li>\n<li>A miner&#8217;s income is subject to self-employment tax<\/li>\n<li>Virtual currency paid as wages is subject to federal income tax withholding<\/li>\n<li>Payments made using virtual currency are subject to information reporting<\/li>\n<li>Payments made using virtual currency are subject to backup withholding<\/li>\n<li>Taxpayers not in compliance with the notice are subject to penalties<\/li>\n<\/ul>\n<p>At very least, the news now provides a bit of clarity on the front of taxation &#8212; a topic on which many taxpayers were unsure about. Some users, however, are not pleased with the requirement to report capital gains on small transaction, like buying a lunchtime meal or coffee.<\/p>\n<p><\/p>\n<p>The IRS included the following FAQ (frequently asked questions), which you may find handy:<\/p>\n<p><strong>Q-1:\u00a0 How is virtual currency treated for federal tax purposes?<\/strong><\/p>\n<p><strong>A-1:\u00a0<\/strong>\u00a0For federal tax purposes, virtual currency is treated as property.\u00a0 General tax principles applicable to property transactions apply to transactions using virtual currency.<\/p>\n<p><strong>Q-2:\u00a0 Is virtual currency treated as currency for purposes of determining whether a transaction results in foreign currency gain or loss under U.S. federal tax laws?<\/strong><\/p>\n<p><strong>A-2:\u00a0\u00a0<\/strong>No.\u00a0 Under currently applicable law, virtual currency is not treated as currency that could generate foreign currency gain or loss for U.S. federal tax purposes.<\/p>\n<p><strong>Q-3:\u00a0 Must a taxpayer who receives virtual currency as payment for goods or services include in computing gross income the fair market value of the virtual currency?<\/strong><\/p>\n<p><strong>A-3:\u00a0\u00a0<\/strong>Yes.\u00a0 A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.\u00a0 See Publication 525,\u00a0<em>Taxable and Nontaxable Income,\u00a0<\/em>for more information on miscellaneous income from exchanges involving property or services.<\/p>\n<p><strong>Q-4:\u00a0 What is the basis of virtual currency received as payment for goods or services in Q&amp;A-3?<\/strong><\/p>\n<p><strong>A-4:\u00a0\u00a0<\/strong>The basis of virtual currency that a taxpayer receives as payment for goods or servicesin Q&amp;A-3 is the fair market value of the virtual currency in U.S. dollars as of the date of receipt.\u00a0 See Publication 551,\u00a0<em>Basis of Assets,\u00a0<\/em>for more information on the computation of basis when property is received for goods or services.<\/p>\n<p><strong>Q-5:<\/strong>\u00a0\u00a0<strong>How is the fair market value of virtual currency determined?<\/strong><\/p>\n<p><strong>A-5:\u00a0\u00a0<\/strong>For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars.\u00a0 Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt.\u00a0 If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.<\/p>\n<p><strong>Q-6:\u00a0 Does a taxpayer have gain or loss upon an exchange of virtual currency for other property?<\/strong><\/p>\n<p><strong>A-6:\u00a0\u00a0<\/strong>Yes.\u00a0 If the fair market value of property received in exchange for virtual currency exceeds the taxpayer\u2019s adjusted basis of the virtual currency, the taxpayer has taxable gain.\u00a0 The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency.\u00a0 See Publication 544,\u00a0<em>Sales and Other Dispositions of Assets<\/em>, for information about the tax treatment of sales and exchanges, such as whether a loss is deductible.<\/p>\n<p><strong>Q-7:\u00a0 What type of gain or loss does a taxpayer realize on the sale or exchange of virtual currency?<\/strong><\/p>\n<p><strong>A-7:<\/strong>\u00a0 The character of the gain or loss generally depends on whether the virtual currency is a capital asset in the hands of the taxpayer.\u00a0 A taxpayer generally realizes capital gain or loss on the sale or exchange of virtual currency that is a capital asset in the hands of the taxpayer.\u00a0 For example, stocks, bonds, and other investment property are generally capital assets.\u00a0\u00a0 A taxpayer generally realizes ordinary gain or loss on the sale or exchange of virtual currency that is not a capital asset in the hands of the taxpayer.\u00a0 Inventory and other property held mainly for sale to customers in a trade or business are examples of property that is not a capital asset.\u00a0 See Publication 544 for more information about capital assets and the character of gain or loss.<\/p>\n<p><strong>Q-8:\u00a0 Does a taxpayer who \u201cmines\u201d virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities?<\/strong><\/p>\n<p><strong>A-8:<\/strong>\u00a0 Yes, when a taxpayer successfully \u201cmines\u201d virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.\u00a0 See Publication 525,\u00a0<em>Taxable and Nontaxable Income<\/em>, for more information on taxable income.<\/p>\n<p><strong>Q-9:\u00a0 Is an individual who \u201cmines\u201d virtual currency as a trade or business subject to self-employment tax on the income derived from those activities?<\/strong><\/p>\n<p><strong>A-9:<\/strong>\u00a0If a taxpayer\u2019s \u201cmining\u201d of virtual currency constitutes a trade or business, and the \u201cmining\u201d activity is not undertaken by the taxpayer as an employee, the net earnings from self-employment (generally, gross income derived from carrying on a trade or business less allowable deductions) resulting from those activities constitute self-employment income and are subject to the self-employment tax.\u00a0 See Chapter 10 of Publication 334,\u00a0<em>Tax Guide for Small Business<\/em>, for more information on self-employment tax and Publication 535,\u00a0<em>Business Expenses,\u00a0<\/em>for more information on determining whether expenses are from a business activity carried on to make a profit.<\/p>\n<p><strong>Q-10:\u00a0 Does virtual currency received by an independent contractor for performing services constitute self\u2011employment income?<\/strong><\/p>\n<p><strong>A-10:\u00a0\u00a0<\/strong>Yes.\u00a0 Generally, self\u2011employment income includes all gross income derived by an individual from any trade or business carried on by the individual as other than an employee.\u00a0 Consequently, the fair market value of virtual currency received for services performed as an independent contractor, measured in U.S. dollars as of the date of receipt, constitutes self\u2011employment income and is subject to the self-employment tax.\u00a0 See FS-2007-18, April 2007,\u00a0<em>Business or Hobby? Answer Has Implications for Deductions,<\/em>\u00a0for information on determining whether an activity is a business or a hobby.<\/p>\n<p><strong>Q-11: \u00a0Does virtual currency paid by an employer as remuneration for services constitute wages for employment tax purposes?<\/strong><\/p>\n<p><strong>A-11:\u00a0\u00a0<\/strong>Yes.\u00a0 Generally, the medium in which remuneration for services is paid is immaterial to the determination of whether the remuneration constitutes wages for employment tax purposes.\u00a0 Consequently, the fair market value of virtual currency paid as wages is subject to federal income tax withholding, Federal Insurance Contributions Act (FICA) tax, and Federal Unemployment Tax Act (FUTA) tax and must be reported on Form W-2,\u00a0<em>Wage and Tax Statement<\/em>.\u00a0 See Publication 15 (Circular E),\u00a0<em>Employer\u2019s Tax Guide<\/em>, for information on the withholding, depositing, reporting, and paying of employment taxes.<\/p>\n<p><strong>Q-12:\u00a0 Is a payment made using virtual currency subject to information reporting?<\/strong><\/p>\n<p><strong>A-12:\u00a0\u00a0<\/strong>A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.\u00a0 For example, a person who in the course of a trade or business makes a payment of fixed and determinable income using virtual currency with a value of $600 or more to a U.S. non-exempt recipient in a taxable year is required to report the payment to the IRS and to the payee.\u00a0 Examples of payments of fixed and determinable income include rent, salaries, wages, premiums, annuities, and compensation.<\/p>\n<p><strong>Q-13:\u00a0 Is a person who in the course of a trade or business makes a payment using virtual currency worth $600 or more to an independent contractor for performing services required to file an information return with the IRS?<\/strong><\/p>\n<p><strong>A-13:\u00a0\u00a0<\/strong>Generally, a person who in the course of a trade or business makes a payment of $600 or more in a taxable year to an independent contractor for the performance of services is required to report that payment to the IRS and to the payee on Form 1099-MISC,\u00a0<em>Miscellaneous Income<\/em>.\u00a0 Payments of virtual currency required to be reported on Form 1099-MISC should be reported using the fair market value of the virtual currency in U.S. dollars as of the date of payment.\u00a0 The payment recipient may have income even if the recipient does not receive a Form 1099-MISC.\u00a0 See the Instructions to Form 1099-MISC and the General Instructions for Certain Information Returns for more information.\u00a0 For payments to non-U.S. persons, see Publication 515,\u00a0<em>Withholding of Tax on Nonresident Aliens and Foreign Entities<\/em>.<\/p>\n<p><strong>Q-14:\u00a0 Are payments made using virtual currency subject to backup withholding?<\/strong><\/p>\n<p><strong>A-14:\u00a0\u00a0<\/strong>Payments made using virtual currency are subject to backup withholding to the same extent as other payments made in property.\u00a0 Therefore, payors making reportable payments using virtual currency must solicit a taxpayer identification number (TIN) from the payee.\u00a0 The payor must backup withhold from the payment if a TIN is not obtained prior to payment or if the payor receives notification from the IRS that backup withholding is required.\u00a0 See Publication 1281,\u00a0<em>Backup Withholding for Missing and Incorrect Name\/TINs,\u00a0<\/em>for more information<em>.<\/em><\/p>\n<p><strong>Q-15: \u00a0Are there IRS information reporting requirements for a person who settles payments made in virtual currency on behalf of merchants that accept virtual currency from their customers?<\/strong><\/p>\n<p><strong>A-15:\u00a0\u00a0<\/strong>Yes, if certain requirements are met.\u00a0 In general, a third party that contracts with a substantial number of unrelated merchants to settle payments between the merchants and their customers is a third party settlement organization (TPSO).\u00a0 A TPSO is required to report payments made to a merchant on a Form 1099-K,\u00a0<em>Payment Card and Third Party Network Transactions<\/em>, if, for the calendar year, both (1) the number of transactions settled for the merchant exceeds 200, and (2) the gross amount of payments made to the merchant exceeds $20,000.\u00a0 When completing Boxes 1, 3, and 5a-1 on the Form 1099-K, transactions where \u00a0the TPSO settles payments made with virtual currency are aggregated with transactions where the TPSO settles payments made with real currency to determine the total amounts to be reported in those boxes.\u00a0 When determining whether the transactions are reportable, the value of the virtual currency is the fair market value of the virtual currency in U.S. dollars on the date of payment.<\/p>\n<p>See The Third Party Information Reporting Center,\u00a0<a href=\"http:\/\/www.irs.gov\/Tax-Professionals\/Third-Party-Reporting-Information-Center\" rel=\"nofollow\">http:\/\/www.irs.gov\/Tax-Professionals\/Third-Party-Reporting-Information-Center<\/a>, for more information on reporting transactions on Form 1099-K.<\/p>\n<p><strong>Q-16:\u00a0 Will taxpayers be subject to penalties for having treated a virtual currency transaction in a manner that is inconsistent with this notice prior to March 25, 2014?<\/strong><\/p>\n<p><strong>A-16:<\/strong>\u00a0 Taxpayers may be subject to penalties for failure to comply with tax laws.\u00a0 For example, underpayments attributable to virtual currency transactions may be subject to penalties, such as accuracy-related penalties under section 6662.\u00a0 In addition, failure to timely or correctly report virtual currency transactions when required to do so may be subject to information reporting penalties under section 6721 and 6722.\u00a0 However, penalty relief may be available to taxpayers and persons required to file an information return who are able to establish that the underpayment or failure to properly file information returns is due to reasonable cause.<\/p>\n<p>&#8212;<\/p>\n<p>What do you make of it?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just in time for the income tax filing deadline comes a news release from the Internal Revenue Service (IRS) regarding the taxation of bitcoin and other digital currencies. In short, the notice states that virtual currency shall be treated as property for federal tax purposes in the United States. Some interesting points: Virtual Currency not treated as currency that can generate foreign currency gains\/losses Taxpayers are liable for determining the fair market value of their virtual currency Taxpayers must report gains\/losses upon exchange from virtual currency to fiat currency, for example Miners must report mined coins at fair market value upon receipt A miner&#8217;s income is subject to self-employment tax Virtual currency paid as wages is subject to federal income tax withholding Payments made using virtual currency are subject to information reporting Payments made using virtual currency are subject to backup withholding Taxpayers not in compliance with the notice are subject to penalties At very least, the news now provides a bit of clarity on the front of taxation &#8212; a topic on which many taxpayers were unsure about. Some users, however, are not pleased with the requirement to report capital gains on small transaction, like buying a lunchtime meal or coffee.<\/p>\n","protected":false},"author":516,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[2269,2474,2522,11,4061],"class_list":["post-3820","post","type-post","status-publish","format-standard","hentry","category-news","tag-guidance","tag-internalrevenueservice","tag-irs","tag-news","tag-tax"],"acf":[],"yoast_head":"\n<title>IRS: BTC Should Be Treated as Property For Federal Tax Purposes<\/title>\n<meta name=\"description\" content=\"Internal Revenue Service (IRS) wants digital currencies to be taxed and be treated as property for federal tax purposes in the United States.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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