The Hidden Tax Consequences of Cryptocurrency

By Dana McGuffin | June 30, 2021 | Comments Off on The Hidden Tax Consequences of Cryptocurrency

You may recognize the name Bitcoin and maybe even Ethereum, but what about Litecoin, Dogecoin or Ripple? These are just some of the more than 4,500 cryptocurrencies available today. There are hidden tax complications, however, associated with every cryptocurrency transaction. Here’s what you need to know. Every transaction has a tax consequence. The IRS treats cryptocurrency…

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Taxes and Virtual Currencies: What You Need To Know

By Dana McGuffin | March 1, 2018 | Comments Off on Taxes and Virtual Currencies: What You Need To Know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe in that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to…

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