<p>Yes.  It is legal to buy cryptocurrencies in the USA and they are taxed like property by the IRS.</p>

<p>See <a href="https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#North_America" rel="nofollow noreferrer">https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#North_America</a></p>

<p>From the WIKI:</p>

<blockquote>
  <p>The U.S. Treasury classified bitcoin as a convertible decentralized
  virtual currency in 2013.[26] The Commodity Futures Trading
  Commission, CFTC, classified bitcoin as a commodity in September 2015.
  Per IRS, bitcoin is taxed as a property.[27]</p>
  
  <p>In September 2016, a federal judge ruled that "Bitcoins are funds
  within the plain meaning of that term".[28]</p>
  
  <p>[26] "Statement of Jennifer Shasky Calvery, Director Financial Crimes
  Enforcement Network United States Department of the Treasury Before
  the United States Senate Committee on Banking, Housing, and Urban
  Affairs Subcommittee on National Security and International Trade and
  Finance Subcommittee on Economic Policy". fincen.gov. Financial Crimes
  Enforcement Network. 19 November 2013. Retrieved 1 June 2014.</p>
  
  <p>[27] "IRS Virtual Currency Guidance : Virtual Currency Is Treated as
  Property for U.S. Federal Tax Purposes; General Rules for Property
  Transactions Apply". www.irs.gov. Retrieved 2017-04-22.</p>
  
  <p>[28]
  <a href="https://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE" rel="nofollow noreferrer">https://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE</a></p>
</blockquote>

CC BY-SA 3.0
2017-11-22T17:04:51.317Z
2017-11-22T17:04:51.317Z
Jimmyjay
<p>I would like to seek for your help since I would like to have <strong>confident</strong> answers on the following questions:
(please include links for official websites)</p>

<ul>
<li><p>Is it legal to buy &amp; hold currencies (such as ripple, bitcoin,etc..) as a kind of investment in the USA?</p></li>
<li><p>When do you have to tax after it?</p></li>
<li><p>Do you have to report is on your tax form even before you sell it or only after you sold the currencies?</p></li>
</ul>

<p>So far this is what I found:
<a href="https://www.irs.gov/pub/irs-drop/n-14-21.pdf" rel="nofollow noreferrer">https://www.irs.gov/pub/irs-drop/n-14-21.pdf</a></p>

CC BY-SA 3.0
2017-11-22T15:20:45.997Z
I'm voting to close this question as off-topic because this topic is asking for legal advice.  Please consult a lawyer.
Hannah Vernon
CC BY-SA 3.0
2017-11-22T15:23:46.327Z
Please advise which stackchange can I post this question. I do believe that lawyers are not at the top of crypto currency questions at the moment. This is why we have supporting communities such as this forum. Thank you
narancs
<ripple><buy-bitcoins><legal>
Is it legal to buy concurrency in USA
narancs
# Is it legal to buy concurrency in USA

(Asked by: username_0 on 2017-11-22)

I would like to seek for your help since I would like to have **confident** answers on the following questions:
(please include links for official websites)

* Is it legal to buy & hold currencies (such as ripple, bitcoin,etc..) as a kind of investment in the USA?
* When do you have to tax after it?
* Do you have to report is on your tax form even before you sell it or only after you sold the currencies?

So far this is what I found:
<https://www.irs.gov/pub/irs-drop/n-14-21.pdf>

**Tags:** ripple, buy-bitcoins, legal

> **Comments:**
> **username_1**: I'm voting to close this question as off-topic because this topic is asking for legal advice.  Please consult a lawyer.  
> **username_0**: Please advise which stackchange can I post this question. I do believe that lawyers are not at the top of crypto currency questions at the moment. This is why we have supporting communities such as this forum. Thank you  

---

## 1 answers

### Answer by username_2 on 2017-11-22. Score: 2 | Accepted answer

Yes. It is legal to buy cryptocurrencies in the USA and they are taxed like property by the IRS.

See <https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#North_America>

From the WIKI:

> The U.S. Treasury classified bitcoin as a convertible decentralized
> virtual currency in 2013.[26] The Commodity Futures Trading
> Commission, CFTC, classified bitcoin as a commodity in September 2015.
> Per IRS, bitcoin is taxed as a property.[27]
>
> In September 2016, a federal judge ruled that "Bitcoins are funds
> within the plain meaning of that term".[28]
>
> [26] "Statement of Jennifer Shasky Calvery, Director Financial Crimes
> Enforcement Network United States Department of the Treasury Before
> the United States Senate Committee on Banking, Housing, and Urban
> Affairs Subcommittee on National Security and International Trade and
> Finance Subcommittee on Economic Policy". fincen.gov. Financial Crimes
> Enforcement Network. 19 November 2013. Retrieved 1 June 2014.
>
> [27] "IRS Virtual Currency Guidance : Virtual Currency Is Treated as
> Property for U.S. Federal Tax Purposes; General Rules for Property
> Transactions Apply". www.irs.gov. Retrieved 2017-04-22.
>
> [28]
> <https://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE>


---

