What Do Cryptocurrency Investors Need to Know About U.S. Tax Law?

By Guest Author on January 14, 2021 03:38

Published on January 14, 2021 08:41 by Coinformania

If you own Bitcoin or other cryptocurrencies – or if you have owned any crypto asset in the past – you owe obligations to the Internal Revenue Service (IRS) under the U.S. Tax Code. Here is an introduction to what you need to know: Virtual Currency is Not Treated as “Currency” for U.S. Income Tax Purposes The IRS has taken the position that “nder currently applicable law, virtual currency is not treated as currency that could generate foreign currency gain or loss for U.S. federal tax purposes.” However, this does not mean that investing in cryptocurrency is without federal income
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