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BTC · 4w

What do you think ?

The decision by El Salvador was a big decision with far-reaching implications for its citizens. However, it is possible the decision could significantly impact individuals subject to the United States Internal Revenue Code. All US guidance issued to date have correctly pointed out that bitcoin is not the legal tender of any jurisdiction (see FIN-2013-G001 and Notice 2014-21). This statement will soon not be true! The US government has used the legal tender distinction as a way to apply a different set of rules to “virtual” currency compared to “real” currency. It has been the government’s view to date that “virtual” currency, a term that currently encompasses cryptocurrency and bitcoin, is property and the taxation rules related to property apply. The question being pressed by El Salvador’s decision to adopt bitcoin as legal tender is does El Salvador’s decision have any impact on how bitcoin is treated by the IRS?
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