The IRS makes me look like a fool (digital currency, bitcoin)

Right after my last post, the IRS issued new guidance on how to report capital gains on Bitcoin and other digital currency. Right after I predicted that they wouldn’t.

Again, this is the best info I’ve found is from reddit user dblcross121.

The absolute worst part of this is that if you buy $3 of Bitcoin, it becomes worth $4 and you use it to buy a coffee, you will be legally obligated to report and pay capital gains on that transaction.

You should probably take this as a sign that Bitcoin and other digital currencies are not a passing fad.

I’m still standing by the “highly speculative” advice.

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