29.03.2018. USA taxpayers required to report incomes from virtual currencies transactions

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The US Internal Revenue Service on March 23 warned taxpayers that they must report incomes from virtual currency transactions in their income tax returns.
“Virtual currency transactions are taxable by law just like transactions in any other property”, informed IRS. Notice 2014-21 provides that virtual currency is treated as property for US federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.
Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to USD 250,000.