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Tax Feb 2018 - "Cryptocurrency Tax Essentials"

Tax Feb 2018 - "Cryptocurrency Tax Essentials"

Tax Feb 2018 - "Cryptocurrency Tax Essentials"

Excerpt 


Cryptocurrency Tax Essentials



Cryptocurrency is hot right now. As it emerges as an asset class of its own, many people are still confused how to treat it for federal income tax purposes. In response, the IRS issued guidance back in 2014 that treats virtual currencies that are convertible to cash as a capital asset – but it’s not as simple as it appears.

Taxable Events and Imputed Income

A major concern for the IRS is that coin-to-coin trades and buying items and services with coins are often mishandled for tax reporting purposes. The IRS considers these all to be taxable events, but this might not be evident to most people. Coin holders are supposed to “impute” an exchange transaction and report gains/losses in all these cases.....



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