Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining And More – Forbes

If you have come into possession of Bitcoin or any other digital currency such as Ripple or Litecoin that is “convertible” to a real currency or can be used to pay for goods and services, it may seem virtual. But the Internal Revenue Service considers it very real and you need to account for it at tax time.

Here’s how Bitcoin that you have mined, minted, spent, tipped, gifted, donated, etc., will be taxed, plus two gray areas you should be aware of.

Source: Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining And More – Forbes