While bitcoin and other cryptocurrencies may be virtual, they have very real-world tax consequences. If you fail to pay the tax you owe, you will be subject to interest and penalties and, in some circumstances, even criminal prosecution.
Mandatory Credit: CNN/Shutterstock
Stories this photo appears in:
Yes, the IRS can tax bitcoin and other cryptocurrencies. What you need to know
Even though you can buy things with bitcoin, it's not the same as cash. At least not in the eyes of the IRS.Even though you can buy things with bitcoin, it's not the same as cash. At least not in the eyes of the IRS.
