Taxes on Cryptocurrency

Taxes on Cryptocurrency

Today I want to talk to you about Cryptocurrencies. Up until now, the effects on your tax liability and the taxation of cryptocurrencies has been a little convoluted. It is also important to mention that the IRS released data this year that said, in 2017 the IRS only received a few hundred tax returns in which people actually reported cryptocurrency transactions as a capital gain, or a loss, or as ordinary income. However, we know that the number of people transacting in these currencies is much higher. The IRS knows it too and they have come out and said, 2018 is going to be a landmark year for enforcement and I to believe them on this.

If you have any questions, comments, or ideas for future videos, please let us know.