So if you buy something with bitcoins you need to translate to the cost of dollars, and compare that to the price when you bought bitcoins.
What I find confusing in this is, how exactly does the IRS want us to calculate the fair market value?
For example let's say I make 1000 BTC in one month as profit
Right now 1 BTC is going for 235 on Coinbase Exchange but on Bitstamp they're at 232 USD
235 * 1000 = $235,000
232 * 1000 = $232,000
That's a $3,000 difference, which am I supposed to use?
