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Are bitcoins taxless?

July 21, 2011 2 comments

A recent posting on the turbo tax blog seems to give tax advice regarding bitcoins while trying to educate its readers on the the basic concepts of the digital currency.

Calling bitcoins “the taxless currency” and stating that “Bitcoins are produced without the involvement of governments or banks, thus avoiding taxes.”  turbo tax seems quite sure of themselves despite the fact many so-called bitcoin experts and the community at large cannot reach consensus on the taxable status of bitcoins or bitcoin transactions.

While the growing awareness for the fledgling currency is always a welcome sign, a conspicuous disregard for the basic facts at the turbotax blog should call into question their statements regarding the tax status of bitcoin. Read more…

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Categories: bitcoin, news Tags: , ,