Express
IRS Playing Fair When Given Detailed Cryptocurrency Transaction Reports
Summary: Keeping a detailed history of crypto transaction and sales could potentially reduce the outstanding tax bill and clear users from unwanted scrutiny according to Bloomberg. The IRS often warns taxpayers to present undisclosed earning or face penalty. With cryptocurrency still in its early stages many investors are confused on how to report their digital assets. ...
Keeping a detailed history of crypto transaction and sales could potentially reduce the outstanding tax bill and clear users from unwanted scrutiny according to Bloomberg.
The IRS often warns taxpayers to present undisclosed earning or face penalty. With cryptocurrency still in its early stages many investors are confused on how to report their digital assets. The IRS put out an even more baffling list of rules for virtual currency, however it appears that in most cases the tokens are only taxable once they’re sold. If users maintain transparency in reporting their numbers the IRS has played fair and saved users thousands in tax bills, however failure to report revenues will be treated as a transgression
By Ramsey Baker
Tags: Cryptocurrency,IRS,Taxes
Link: IRS Playing Fair When Given Detailed Cryptocurrency Transaction Reports [Copy]
