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RE: Question: What might it mean for tax purposes if Bitcoin is labeled a commodity by the IRS?
I'm not a tax professional, although I do study the stuff. (Paging @cryptotax) My layman's impression is that there's not necessarily a category of "commodity" in the tax code--there's just property, with subcategories of collectables and the like. Capital gains still apply, just with different taxes. Of course, I'm not speaking with authority, here.
Here's an article by someone who actually knows what he's talking about: https://www.forbes.com/sites/baldwin/2017/06/13/how-are-commodities-and-commodity-funds-taxed/
Yes, I actually read that before posting. :) It sounds like it might mean capital gains are still taxed, but possibly at different rates.
Would it still be the same if you received it as compensation, like receiving bitcoin as compensation for work? Or, steem for blogging on steemit?