If you’re like millions of Americans, you may have discovered trading cryptocurrencies can be fun and, if you’re lucky, profitable. Figuring out how to pay your taxes on all those profits? That’s a different story.
In the past decade, crypto has exploded in popularity, and is now a trillion-dollar class of assets, even on a bad day. But the taxman has been taking notice too.
In the eyes of the IRS, trading bitcoin and other coins is basically like trading a stock, bond or parcel of real estate. In other words, if you buy bitcoin, and it climbs in value, the IRS considers your profit a capital gain—and may want to claim its share.
Source: https://www.wsj.com/buyside/personal-finance/crypto-taxes-01653428497
Take the stress out of your books, taxes, and finances–contact us today.
New Clients
Welcome! We’d love to learn more about your tax or accounting needs. Start by filling out our consultation request form so we can recommend the right services and get to know your goals.
Existing Clients
Already working with us? Schedule your next meeting online by clicking the button below.
Please note: Returning clients will need to log in to your AAG Tax Portal through TaxDome to upload your documents. If you're booking a virtual appointment, you will have to call to setup your appointment.