Crypto Taxes

Must A Taxpayer Who Receives Virtual Currency As Payment For Goods Or Services Include In Gross Income The Fair Market Value Of The Virtual Currency?

Receiving payment in virtual currency for goods or services Yes. A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, 3 measured in U.S. dollars, as of the date that the virtual currency was received. See Publication 525, Taxable... [Read More]

Is Virtual Currency Treated As Currency In Foreign Currency Gain Or Loss Under U.S. Federal Tax Laws?

For purposes of determining whether a transaction results in foreign currency gain or loss under U.S. federal tax laws No. Under currently applicable law, virtual currency is not treated as currency that could generate foreign currency gain or loss for U.S. federal tax purposes.

How Is Virtual Currency Treated For Federal Tax Purposes?

How is virtual currency treated for federal tax purposes? For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.