When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.
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It's was introduced in October 2008, under the name of Satoshi Nakamoto. Bitcoin is the most widely circulated digital currency or e-currency as of 2016. It's called a convertible virtual currency because it has an equivalent value in real currency. The sale or exchange of a convertible virtual currency — including its use to pay for goods or services — has tax implications. The IRS answered some common questions about the tax treatment of Bitcoin transactions in its recent Notice 2014-21. Tax treatment depends on how Bitcoins are held and used.
This means that taxpayers who receive virtual currency must include the FAIR MARKET VALUE in their gross income. You could also have a gain or loss on the exchange of your bitcoin - just as you would if you were exchanging foreign currency. Except that you will have to report it on your tax return. ARgh ! So how are you going to determine the gain or loss if the value keeps changing ??
You are in luck - there is a website just for that type of thing. Check out bitcointaxes for more information.
If you want more information, you can check out some of these sites. In the meantime, I am going to try some bitcoin mining and see what I come up with !!
If you are interested in trying it remember that Bitcoin is new an innovative. Some companies involved with Bitcoin have been arrested for money laundering. Make sure to deal with reputable dealers IF you decide to even try it.