RATE Group | IRS Issues New Crypto Tax Guidance For First Time Since 2014: How Should You Be Reportin…
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IRS Issues New Crypto Tax Guidance For First Time Since 2014: How Should You Be Reportin…

25 Jan IRS Issues New Crypto Tax Guidance For First Time Since 2014: How Should You Be Reportin…

Posted at 18:11h in Cryptocurrency News by

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We all know the IRS is very slow with respect to addressing modern-day technology and basically anything that makes our lives as taxpayers “simple.” But with the 2019 tax season quickly upon us, the IRS recently announced January 27 as the official date for accepting tax returns for the 2019 reporting period.

However, for digital money or cryptocurrency holders, this year is one to pay attention to, because the IRS finally has something to say about it with respect to how you report your holdings.

Related: With Crypto Profits, Come Crypto Taxes

For the first time since 2014, the IRS has issued new cryptocurrency tax guidance in the form of a complete cryptocurrency FAQ and an official Revenue Ruling: 2019-24.

How is “Virtual Currency” Treated for Federal Income Tax Purposes?

Back in 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax…

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