Bitcoin payments can trigger tax reporting obligations as broker records leave gaps

Using Bitcoin to pay for goods and services can generate taxable gains or losses in the United States, leaving individuals and businesses responsible for tracking transactions beyond those covered by broker reports. In an October 26 interview with Bitcoin Magazine, Rob Massey, Deloitte's Global Tax Leader for Blockchain and Digital Assets, said the US self-assessment system requires taxpayers to report their gains and losses whether or not a broker reports them on a 1099.