Does using bitcoins require a "K-1" under some circumstances?

-1

That's it...whenever currencies are traded, the possibility of a K-1 form arises, and since we're dealing with the dollar and the bitcoin here, and some people just trade the two without using them for a "pay-pal" purchase,it seems like a reasonable question.

user8996

Posted 2013-11-19T19:54:05.977

Reputation: 11

Regulation in the area of digital currencies is still emerging, the best way to approach the topic is probably to talk to a tax advisor or tax lawyer. – Murch – 2013-11-21T00:27:32.853

Answers

0

From what I understand, you must report a capital gain (or loss) when you convert the BTC back into dollars. But I am not an accountant so you should consult your own accountant and not rely on me.

RentFree

Posted 2013-11-19T19:54:05.977

Reputation: 2 391

Asked: 2013-11-19T19:54:05.977

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Active: 2013-11-21T00:25:45.970