James Howell, a tech geek in the UK, made the painful realization that he had literally thrown away $9 million when he tossed out his computer hard drive. That hard drive stored 7,500 in bitcoins – an alternative currency that recently soared in value. But Howells’ folly is a good opportunity to talk casualty loss deduction: when can bad luck result in a tax deduction?
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Funny Money Or New Economy? Alternative Currency Raises Tax, Other Challenges
As interest in alternative currencies like Equal Dollars and BerkShares grows, the tax implications of using currencies for goods and services become more relevant. We know that IRS has its eye on digital currencies like Bitcoin and previously, Liberty Reserve, but what about local currencies?
Read MoreRomney’s Tax Returns Allegedly Held For Ransom
There’s yet another claim that GOP Presidential nominee Mitt Romney’s tax returns have been compromised – and this time, the report isn’t a joke. The
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