Submitted By: someone
Answered: February 25, 2018 9:00 pm

How do I treat bitcoin gains?

The IRS ruled that bitcoins and other cryptocurrencies are property, not currency. As such, you determine gain or loss in the same was as any other type of property. Compare what you paid for the bitcoins and what you received on the sale (making adjustments for commissions, etc.).

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Tax Glossary

Gift tax

Gifts in excess of an $12,000-per-donee annual exclusion are subject to gift tax, but the tax may be offset by a gift tax credit.

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