Sidney Kess ABCs of Digital Assets and Taxation
Despite the prevalence of digital assets as investments as well as their use in commerce, the IRS has only issued limited guidance. Nonetheless, taxpayers must determine whether their virtual currency transactions are taxable and reportable.
May 04, 2022 at 12:15 PM
7 minute read
Digital assets, such as Bitcoin that debuted in 2009, have gone mainstream and total about $2.75 trillion worldwide. Despite the prevalence of digital assets as investments as well as their use in commerce, the IRS has only issued limited guidance. Nonetheless, taxpayers must determine whether their virtual currency transactions are taxable and reportable.
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