TaxAudit Blog

Tag: cryptocurrency

Cryptocurrency Coin on 1040 Tax Return

Cryptocurrency is not treated as money for U.S. federal income tax purposes, but rather as property so tax rules that apply to property apply to cryptocurrency.

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Crypto Currency written in lights with a city in the background

First, the essential concept to understand is that cryptocurrency is not treated as money for U.S. federal income tax purposes but is treated as property.

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Bitcoin Tax

The IRS declared that any cryptocurrency with an equivalent cash value is to be treated as property for tax purposes, and transactions are therefore taxable.

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