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Do tax rules apply when you use digital currency?in Tax Advice Information and Updates
So, do tax rules apply when you use digital currency? YES! If you use digital currency to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency.
Digital currency can also be bought or sold like a commodity. Therefore, any resulting gains or losses could be taxable income or capital for the taxpayer.
Do you use digital currency and would like help with determining the resulting tax consequences? Contact KD today!