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Articles Posted in Convertible Virtual Currency Cvc

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Five Things to Know about New Jersey’s Taxation of Convertible Virtual Currency

On March 10, 2015, the New Jersey Division of Taxation issued Technical Advisory Memorandum TAM-2015-1, explaining its policy regarding convertible virtual currency.1 The IRS has held that convertible virtual currency (CVC), such as Bitcoin, is treated as property for U.S. federal income tax purposes. Consequently, transactions involving CVC are treated…