Quotes from the news wire:
These third-party settlement entities may not know for sure if they are dealing with a business or an individual or if they are dealing with a payment for goods or services, or a non-taxable transaction. It is going to be up to the taxpayer, if they receive a 1099 in any form for a nontaxable event, such as splitting rent among roommates, splitting a dinner bill, or even selling something on eBay for less than you paid for it, to explain to the IRS that the 1099 was received for a non-taxable transaction.
Found on CNN 3 years ago
They have the perception that there are many more people engaged in virtual currency transactions than is being reported on returns.
Found on CNN 3 years ago
Most states have not specifically addressed virtual currency, which means that the majority of states that have an income tax would follow the federal lead.
Found on CNN 3 years ago
Start looking, monitor and be ready to act by mid-December.
Found on Reuters 7 years ago
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