Overstock.com Is Now Accepting Bitcoins
Is there a tax guide that would explain the consequences of me using some of the bitcoin I bought in 2013 to buy an item on overstock this month?As I understand it I would have to record the value I paid for the bitcoin in 2013, calculate the value it appreciated between when I bought it and the amount I am using to buy the item. And then report this as capital gains on my 2014 tax return?This sucks, this makes using bitcoin a lot more work than just paying with a credit card. Plus, it might mean having to hire an accountant instead of just using turbo tax?