@shirish5 thanks for the read and the comment. I appreciate it.

Currently cryptocurrencies are broadly defined as property, but no guidance has been issued regarding how the tax treatment should be. As a result, they fall into a very broad category for US Tax purposes. I would imagine with the way ICOs are exploding and with bigger businesses and banks (Microsoft, JP Morgan Chase, etc.) moving into the space, the issue will be forced in the very near future.