![]() ![]() Whenever you incur a taxable event from your crypto investing activity, you incur a tax reporting requirement.Ī taxable event simply refers to a scenario in which you trigger or realize income. The guidance also provides clarity on some of the gray areas within the world of cryptocurrency including the tax treatment of forks & airdrops, allowable cost basis methods, and rulings around cryptocurrency transfers. Official Revenue Ruling: 2019-24 legitimizes many of the assumptions that were previously being made by leading crypto tax companies and tax professionals in the industry. The frequently asked questions (“FAQs”) expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations. 938 PDF, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. ![]() Here’s what we wrote about crypto previously – Cost basis method for crypto: extremely popular topic these days. ![]()
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