Technology | The Guardian

How do you pay taxes on bitcoin? Congress demands explanation

April 18, 2019 at 01:06AM

Lawmakers seek information from IRS, saying American taxpayers face ‘unacceptable’ ambiguity over cryptocurrency

US lawmakers asked the the Internal Revenue Service how US residents should pay taxes on bitcoin and other cryptocurrencies, in a remarkable letter that shows just how unregulated the cryptocurrency space remains.

More than a decade after bitcoin was first introduced, the IRS has released just one public notice on how to pay taxes on digital holdings. That lack of guidance is leaving American taxpayers with “unacceptable” ambiguity on reporting requirements, the letter signed by 21 members of Congress on Monday said.

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