Think Cryptocurrency Is Confusing? Try Paying Taxes on It

Cryptocurrencies are tax-unfriendly by design. Part of what makes paying cryptocurrency taxes so difficult is that current Internal Revenue Service rules treat cryptocurrency as property rather than currency. That means that every time you sell or transfer a digital coin for something else — whether you’re cashing out Ether for dollars, trading Bitcoin for another cryptocurrency or using Ripple to buy a cup of coffee — you’re creating a taxable event that must be separately recorded and accounted for.

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