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Cryptocurrencies & Digital Assets
Selling, exchanging, or using cryptocurrency triggers capital gains and losses for traders.
The IRS treats cryptocurrencies as intangible property.
The realization method applies to short-term vs. long-term capital gains and losses.
Wash sales and Section 475 MTM do not apply to cryptocurrency because it’s not a security or a commodity in the eyes of the IRS.
Tax reporting includes cryptocurrency-to-fiat-currency sales, crypto-to-alt-crypto trades, and purchases of goods or services using crypto.
See the IRS page: Frequently Asked Questions on Virtual Currency Transactions (https://tinyurl.com/virtual-currency)
Digital Asset Trading Explained: Tax Rules For Crypto, ETFs, Futures, Options, And Tokens
For more information, see Green’sTraderTax Guide Chapter 3 Tax Treatment of Financial Products.
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You can expect to receive current-year tax returns, an electronic tax organizer, amended tax returns, tax elections, and, if necessary, IRS and state representation.
You can expect to receive current-year tax returns, an electronic tax organizer, amended tax returns, tax elections, and, if necessary, IRS and state representation.
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