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Bitcoin is a type of digital money that people can use to buy things or trade with others. But since it’s not like normal money the crypto community, many people wonder if the US government can tax it. When we talk about “taxing” something, we mean that the government takes a part of what a person earns or has and uses it for public services, like schools and roads.
In the US, the government has decided that Bitcoin is treated like property, not money. This means if you buy Bitcoin and then sell it for more money, you may have to pay a tax on the profit you made, which is called “capital gains tax.” It’s like if you bought a toy for $5 and sold it later for $10; you made $5, and that $5 is what you would need to pay tax on.