I read where the IRS will start to tax Bitcoin and other crypto transactions. As I understand it, if I purchase Bitcoin on an exchange using USD, then use it to purchase an item, I will be taxed on the difference in value of the Bitcoin. This could lead to an obligation to record the Bitcoin value difference (purchase from the exchange verses purchase of an item) in USD for every transaction. And merchants will have to do the same.

Do I interpret this correctly?



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The IRS Gets Involved : Bitcoin
The IRS Gets Involved : Bitcoin
The IRS Gets Involved : Bitcoin
The IRS Gets Involved : Bitcoin

The IRS Gets Involved : Bitcoin

The IRS Gets Involved : Bitcoin