{"id":14288,"date":"2015-10-16T00:00:00","date_gmt":"2015-10-16T00:00:00","guid":{"rendered":"https:\/\/getirshelp.com\/blog\/bitcoin-has-now-been-declared-a-commodity\/"},"modified":"2026-07-27T15:08:50","modified_gmt":"2026-07-27T15:08:50","slug":"bitcoin-has-now-been-declared-a-commodity","status":"publish","type":"post","link":"https:\/\/getirshelp.com\/blog\/bitcoin-has-now-been-declared-a-commodity\/","title":{"rendered":"Bitcoin Has Now Been Declared a Commodity"},"content":{"rendered":"

I'm Darrin Mish. For 32 years I've practiced federal tax litigation \u2014 routine audits, Tax Court cases, and everything in between. If you're facing an IRS issue, here's what you need to know first.<\/p>\n

According to the Commodity Futures Trading Commission<\/a>, bitcoin is a currency. Bitcoin is currently the world\u2019s largest cryptocurrency.<\/p>\n

When bitcoin is used with a capital \u201cB\u201d the reference is to systems and software. When bitcoin is used with a little \u201cb\u201d money is being referenced. The IRS formally declared<\/a> bitcoin as a property, and not currency.<\/a> As you see, there are two government agencies that are not on the same page.<\/span><\/p>\n

Here\u2019s why! The CFTC recently investigated and charged a bitcoin shop that was allowing individuals to trade bitcoin options. This action clearly placed bitcoin under the jurisdiction of the CFTC. The charges have since been settled by the CFTC.<\/p>\n

Bitcoin is still a mystery to many in a financial world that is already too complex for the average individual to comprehend. As bitcoin gains in popularity, and if it is viewed as currency, you can only expect there to be tax considerations.<\/p>\n

Check out more IRS News<\/a> stories by clicking that link.<\/p>\n

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I'm Darrin Mish. For 32 years I've practiced federal tax litigation \u2014 routine audits, Tax Court cases, and everything in between. If you're facing an IRS issue, here's what you need to know first. According to the Commodity Futures Trading Commission, bitcoin is a currency. Bitcoin is currently the world\u2019s largest cryptocurrency. When bitcoin is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[591],"tags":[594],"class_list":["post-14288","post","type-post","status-publish","format-standard","hentry","category-irs-news","tag-irs-forms"],"_links":{"self":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/14288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/comments?post=14288"}],"version-history":[{"count":1,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/14288\/revisions"}],"predecessor-version":[{"id":22671,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/14288\/revisions\/22671"}],"wp:attachment":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/media?parent=14288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/categories?post=14288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/tags?post=14288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}