Cryptocurrency Taxation and Reporting Requirements

4.1K followers

6 years ago

If you are subject to the U.S. Internal Revenue Service regulations and use or invest in cryptocurrency, the IRS is looking for you.

Indications are very few taxpayers are aware of and are reporting cryptocurrency transactions correctly. And worse yet, out of compliance with regulations.

The IRS recently released Revenue Ruling 2019-24 spelled out the conditions under which transactions of virtual currency may be taxable.

“Transactions” include buying, trading, receiving, selling, gifting or exchanging virtual currency.

This summer, the IRS begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

Praemonitus, praemunitus (forewarned is forearmed).

Sources:

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Recent Comments

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JulietAA

6 years ago

Thank you Glen

GlenPalo

6 years ago

You are welcome, Juliet.

Cheers 🙂

jojocinq

6 years ago

Do not use or invest in crypto. Thanks for sharing

GlenPalo

6 years ago

That's a good plan.

Mick18

6 years ago

I'm not involved in cryptocurrency, but can see this will be much needed information for those who are.

GlenPalo

6 years ago

Thanks for commenting, Mickey. It looks like the paperwork and record keeping requirements are a nightmare for crypto users.

Tmgreen

6 years ago

I'm glad I steer clear of that beast. You gotta love Uncle Sam, he's gonna get ya one way or the other.

Cheers,

Michael

GlenPalo

6 years ago

Absolutely, the IRS will get you, particularly if you are NOT in the upper tax brackets. The IRS no longer has the budget or staffing to go after the rich, who lawyer up. So the IRS is focusing on small businesses and middle class taxpayers.