Investors in Bitcoin and other cryptocurrencies face hefty tax bills
by Edward Helmore in New York from Technology | The Guardian on (#3JFV0)
According to the Internal Revenue Service, anything purchased using a digital currency is liable to be taxed as a capital gain
The rollercoaster ride for some cryptocurrency investors could be about to take another tax-time lurch, according to experts, as the taxman looks for his share of transactions made using bitcoin and its like.
Wild fluctuations in the value of digital currencies - bitcoin surged from less than one dollar in 2010 to $997 at the start of the 2017 to nearly $20,000 before settling back to around $8,500 on Friday - have exposed investors to tax bills the value of their coins may no longer meet.
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