Monday, February 19, 2018

IRS Virtual Currency Guidance


IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply
https://www.irs.gov/newsroom/irs-virtual-currency-guidance

Notice 2014-21 
SECTION 1. 
PURPOSE
This notice describes how existing general tax principles apply to transactions using virtual currency. The notice provides this guidance in the form of answers to frequently asked questions.
16 questions and answers 
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

“Every time you trade one digital currency for another, one token for another, it’s going to be a taxable event.”
https://www.bloomberg.com/news/articles/2017-12-21/tax-free-bitcoin-to-ether-trading-in-u-s-to-end-under-gop-plan

Investors typically have to pay taxes on their short-term capital gains at their individual income rates, which will top out at 37 percent next year. The preferential long-term capital gains rate -- which tops out at 23.8 percent -- is owed when such assets are sold after a year.

What You Need To Know About Taxes & Cryptocurrency
https://www.forbes.com/sites/kellyphillipserb/2018/01/09/what-you-need-to-know-about-taxes-cryptocurrency

Bitcoin Investors Aren’t Paying Their Cryptocurrency Taxes
http://fortune.com/2018/02/12/bitcoin-cryptocurrency-tax-taxes/

Tax Bill Calls for Digital Currency Exemptions Under $600




Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)