United States of America: Adopted IRS Notice 2014-21 regarding tax treatment of virtual currencies
Description
Adopted IRS Notice 2014-21 regarding tax treatment of virtual currencies
On 25 March 2014, the Internal Revenue Service (IRS) adopted Notice 2014-21 regarding tax treatment of virtual currencies. The Notice specified that virtual currencies could be qualified currencies that have legal tender status in certain jurisdictions. Furthermore, the Notice clarified that general tax principles apply to property transactions and that virtual currencies are treated as property for federal tax purposes.
Original sourceScope
Policy Area
Taxation
Policy Instrument
Direct taxes including Digital Service Taxes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central government