IRS reminds taxpayers to report virtual currency transactions
1–10 of 278 posts
Re: IRS reminds taxpayers to report virtual currency transactions
#2[deleted]
Re: IRS reminds taxpayers to report virtual currency transactions
#3They still haven't issued guidance on how to treat forks like BTC/BCH, have they?
Re: IRS reminds taxpayers to report virtual currency transactions
#4If you are walking down the beach and find a $20 bill on the ground, you are required to report it as income.
The only way that I know of that you can legally enrich yourself without paying taxes is via a direct gift and that’s because the giver pays tax instead of you.
Re: IRS reminds taxpayers to report virtual currency transactions
#5why don't we just... link directly to the memo... https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report...
Re: IRS reminds taxpayers to report virtual currency transactions
#6They still haven't issued guidance on how to treat forks like BTC/BCH, have they?
It’s still ambiguous but the most straightforward way is to treat it as miscellaneous income, which is how I reported it.
Re: IRS reminds taxpayers to report virtual currency transactions
#7I thought you didn't need to unless you sold. If you simply buy or receive, that also needs to be reported? I have some of those stellar/lumens from when they awarded them for free for signing up back in 2016, but have never sold or transferred them.
Re: IRS reminds taxpayers to report virtual currency transactions
#8They still haven't issued guidance on how to treat forks like BTC/BCH, have they?
I would assume it would be treated like a company spin-off.
https://www.investopedia.com/ask/answers/052115/why-are-some...
Re: IRS reminds taxpayers to report virtual currency transactions
#9I thought you didn't need to unless you sold. If you simply buy or receive, that also needs to be reported? I have some of those stellar/lumens from when they awarded them for free for signing up back in 2016, but have never sold or transferred them.
Literally in the first sentence:
> report their cryptocurrency earnings
Re: IRS reminds taxpayers to report virtual currency transactions
#10Can someone explain how a "property payment" is reported and taxed:
"A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property." https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report...