Bitcoins, anyone?

[Johan]

Bump?

Paging wallet.dat...

 

[Bebop]

I'm HODLING.

Also from what I understand Bitcoin is treated as cash. So you can report it or not on your taxes much like cash. At least according to the bitcoin official site.

 

[bkp_duke]

I'm HODLING.

Also from what I understand Bitcoin is treated as cash. So you can report it or not on your taxes much like cash. At least according to the bitcoin official site.

This is VERY wrong information. You need to be looking at what the IRS says, not what some bitcoin site says.

The IRS has sued coinbase (and won) to have the records of exchange holders turned over to them so they can investigate if people are not reporting income on bitcoin trades:
Bitcoin investors beware: The IRS wants its cut and you may not know it

Official IRS guidance:
IRS Virtual Currency Guidance | Internal Revenue Service
Virtual Currencies | Internal Revenue Service
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

The OFFICIAL IRS stance is that Bitcoin is PROPERTY, not currency. So no, it's not treated the same as cash.
Bitcoin IRS Tax Guide For Individual Filers