US IRS reminds taxpayers to treat cryptocurrencies like "any other property"

The Internal Revenue Service has reminded US taxpayers to include income from virtual currencies on their annual tax returns.

In a release, the IRS said that cryptocurrency transactions are "taxable by law just like transactions in any other property", which echoes IRS guidance from 2014 on the taxation of virtual currencies. "A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property," the statement explained.

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