How do you pay taxes on bitcoin? Congress demands explanation
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.