IRS says Bitcoin is taxable property, not a currency

  • On Tuesday, the IRS notice said payments worth at least $600 and made with bitcoins will be taxed the same way the agency treats property transactions.
  • “A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property,” the IRS said.
  • The IRS admits Bitcoin and other electronic tokens sure function like a real currency.
  • The IRS’ notice serves as one of the first attempts by the U.S. government to regulate the digital money.
  • The IRS notice says bitcoins must be valued at their “fair market value” at the time you acquire it.

The IRS says it can tax Bitcoin, describing it as a property — not a currency.
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San Diego Border Patrol seizes $3 million

#Bitcoin San Diego Border Patrol seizes $3 million (Bitcoin users unaffected)

  • The U.S. Border Patrol photographed the boxes it says carried $3 million in the trunk of a Volkswagen Passat
  • The the U.S. Border Patrol seized more than $3 million in cash that it says two men were trying to smuggle into Mexico from California this week.
  • The Border Patrol noted most of its past seizures have been in smaller amounts: $300,000, $51,000 and $43,000.
  • California is a hub for money laundering by Mexican cartels
  • (CNN) Border Patrol agents in California hit a jackpot this week in terms of cash seizures: $3 million.

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Border Patrol agents in California seize $3 million from currency smugglers who launder money for mexican cartels, drug smugglers and human traffickers


San Diego Border Patrol seizes $3 million