The tax situation can be burdensome (6/10)


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If you think you hate doing your taxes now, try getting involved with Bitcoin. Since the Internal Revenue Service views cryptocurrency as property, all dispositions must be accounted for via capital gains and losses. You'll have to report more than just buying and selling Bitcoin. If you purchase Bitcoin and sell it to buy another cryptocurrency or a good/service, you'll have to report your cost basis and disposition price. It sounds burdensome, especially if you're using Bitcoin to buy goods and services.


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