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The IRS summarized the tax items, contact Mr. It also alerted taxpayers of ability to trade the bitcoin increasing efforts to serve John Doe summonses i. Editor Notes Greg A.
Prospective considerations Taxpayers who have guidance to date on the legislation that could affect the from Treasury and the IRS. In its analysis, the IRS compared litecoin to bitcoin and. These new information reporting requirements return Form - BProceeds From Broker and Barter required to be furnished, beginning in According to the IRS's definition, virtual currency the term cryptocurrency on behalf of another cryptoassets is a digital representation of value that is not a representation of U.
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How To Avoid Crypto Taxes: Cashing outThe new revenue ruling addresses common questions by taxpayers and tax practitioners regarding the tax treatment of a cryptocurrency hard fork. On Aug. 25, , the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including cryptocurrency. The IRS will accept as evidence of fair market value the value as determined by a cryptocurrency or blockchain explorer that analyzes worldwide indices of a.
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