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While many joke about that unfortunate boating accident that magically makes all bitcoin disappear, the vast majority of us know that as the popular meme goes, “One does not simply not pay taxes.” This article is geared toward the U.S. tax code, as the way bitcoin is treated varies depending on jurisdiction. Once the IRS declared that virtual currency, such as bitcoin, would be taxed as “property” and not currency, it became the obligation of bitcoin holders to pay taxes on any gains (See IRS Notice 2014-21, Guidance on Virtual Currency, March 25, 2014).

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