The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.
Yes, bitcoin is really is an asset. But making it part of a government may or may not be a good idea. After all, this could be a good sign that bitcoin is really is taking a lead to be known and patronised locally. Though adding a tax unto is not usual. And we are not sure if this could be the answer for bitcoin and the users to keep it on the lead of cutrencies.
Virtual currency is regarded as a property used for federal tax purposes in the United States. According to the internal revenue service to virtual currency of payment for goods or services, taxpayers need statistical net income, net income, including virtual currency fair market value, invoicing date according to the date of payment of the price shall prevail. The irs will tax its short-term earnings on ordinary income, regardless of whether the taxpayer gains or loses money after selling or exchanging bitcoins as assets. If the proceeds are deliberately withheld, it is fraud and may be punished accordingly.
