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by BitwiseFool
2057 days ago
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The IRS issues guidance on crypto currency, here's an example from 2014: https://www.irs.gov/pub/irs-drop/n-14-21.pdf "In Notice 2014-21, the IRS applied general principles of tax law to determine that virtual currency is property for federal tax purposes" Here's the current page about IRS policy on crypto: https://www.irs.gov/newsroom/virtual-currency-irs-issues-add... IRS guidance aren't laws but they detail how the IRS is going to treat tax collection based on current law. At some point in the future Congress may classify crypto currencies as actual currencies such as the Yen, Euro, etc. at which point the tax laws about currency exchange would apply instead of capital gains on property. |
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