The price of bitcoin hit records this week. Here are key things to know about crypto taxes for buyers and sellers.
Some tax professionals are bracing for more crypto scrutiny as the IRS beefs up digital asset service, reporting, compliance and enforcement programs.
When you trade digital currency or sell it at a profit, it may be subject to capital gains or regular income taxes, depending on the"holding period" or how long you owned the asset.Whether you're a longtime crypto investor or recently purchased digital assets, here are some key things to know from crypto tax experts.
For 2023, you must answer"yes" if you sold crypto; traded one coin for another; or received digital currency as a payment, reward or award, according to"Yes-or-no questions are quite powerful," said Andrew Gordon, tax attorney, certified public accountant and president of Gordon Law Group. "They're treated the same as stocks or other property," and the gain is the difference between your"basis" or purchase price and the value when you sell or exchange the asset, Gordon said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ashley Biden pays off thousands owed in taxes, latest filing showsPresident Biden's daughter has paid off thousands in taxes owed since 2015, Pennsylvania Department of Revenue filings show.
Read more »
Lowest Property Taxes: 18 States Where You'll Pay Under $2K Per YearBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Taxes 2024: 7 On Your Side, experts to answer viewer questions during live Tax ChatHave a question about taxes or filing your tax returns? 7 On Your Side and a team of United Way experts are here to help. Here's more on our live Tax Chat March 15:
Read more »
Frustrated Oakland business owners threaten to stop paying taxesSome frustrated Oakland business owners are warning the city they will stop paying taxes until the city starts providing them safer neighborhoods to operate in.
Read more »
Editorial: Even wealthy Piedmont residents deserve honest ballot information about their taxesOn Measure F, nowhere in the official materials do city officials tell voters how much more they would pay.
Read more »
Doing taxes drives younger generations to tearsOne in four Gen Z-ers responding to a recent poll said they'll need help from a therapist to recover from the experience of filing their taxes.
Read more »