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By Kevin Drawbaugh and Patrick Temple-West
(Additional reporting through Douwe Miedema; Editing by simply Steve Orlofsky)
"General tax rules that will apply to property transactions affect transactions making use of virtual currency," the actual IRS mentioned in a statement, meaning that will bitcoins could be taxed as ordinary earnings or perhaps as assets topic to capital gains taxes, depending around the circumstance.
The IRS supplied which inside its statement, that dealt any blow in order to bitcoin "miners," who unlock new bitcoins online. tax law.