A quick reminder for the crypto currency holders in the US.

Do you own #Bitcoins or other digital currency? If yes, then you are responsible for reporting gains and losses on each #cryptocurrency transaction.

According to CURRENT regulations, “virtual currency is treated as property” (IRS Notice 2014-21 and Rev. Rul. 2019-24). Keep in mind that new regulations are on the way.

Taxable events:

• Selling crypto for fiat
• Trading one crypto for another (Converting one for another)
• Paying for goods or services using crypto
• Getting paid via crypto
• Getting crypto from mining

Nontaxable events:

• Buying crypto for fiat
• Holding crypto that was bought with fiat
• Getting crypto as a gift
• Donation to qualified exempt organization
• Transfers between different wallets (not recorded as a sale)
• Giving crypto to someone as a gift up to $15,000 per recipient as of 2019

Some other important events with tax consequences: airdrops, forks, ICO, etc.

Keep all your records and consult with an accountant and tax professional!

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