Basis of Assets, Publication 551 – for more information on the computation of basis.Sales and Other Dispositions of Assets, Publication 544 – for more information about capital assets and the character of gain or loss.Charitable Contributions, Publication 526 – for more information on charitable contribution deductions.Taxable and Nontaxable Income, Publication 525 – for more information on miscellaneous income from exchanges involving property or services.FinCEN Notice 2020-2 PDF – provides guidance on Report of Foreign Bank and Financial Accounts (FBAR) reporting requirements related to virtual currency.Private Letter Ruling 202019028 PDF – Addressed certain issues related to the tax-exempt status of entities in the digital asset industry.Chief Counsel Advice (CCA) 202124008 PDF – Describes the applicability of Internal Revenue Code Section 1031 to exchanges of Bitcoin for Ether, Bitcoin for Litecoin, and Ether for Litecoin.Chief Counsel Advice (CCA) 202114020 PDF – Addresses the receipt of Bitcoin Cash as a result of the hard fork.Chief Counsel Advice (CCA) 202035011 PDF – Describes the tax consequences of receiving convertible virtual currency as payment for performing microtasks through a crowdsourcing platform.Revenue Ruling 2019-24 PDF addresses the tax implications of a hard fork.Frequently Asked Questions on Virtual Currency Transactions expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations.General tax principles applicable to property transactions apply to transactions using virtual currency. For federal tax purposes, virtual currency is treated as property. IRS Notice 2014-21 guides individuals and businesses on the tax treatment of transactions using convertible virtual currencies.Transferring a digital asset as a bona fide gift if the donor exceeds the annual gift exclusion amountįor more information regarding the general tax principles that apply to digital assets, you can also refer to the following materials: IRS Guidance. ![]() ![]()
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