Taxation of Cryptocurrency The IRS recently issued Rev. Rul. 2023-14 which offers guidance on the tax treatment of rewards cryptocurrency holders may receive from proof of stake blockchain validation. Under the recent IRS guidance regarding the taxation of cryptocurrency, cryptocurrency holders who engage in proof of stake blockchain validation will recognize a taxable gain when
Crypto Losses on Taxes The cryptocurrency and NFT (non-fungible token) booms pushed markets to dizzying highs and devastating lows. What was once seen as a stellar investment now appears to be on the decline, and some people are considering getting out of the crypto market entirely. Selling at a loss, however, is an unpleasant prospect.
NFTs and Taxes NFTs, short for Non-Fungible Tokens, have become a hot commodity. Built on the same style of blockchain networks that power cryptocurrencies like Ethereum and Bitcoin, NFTs are unique pieces of virtual art that are easy to buy and sell. What is substantially less easy, though, is understanding NFTs and taxes. Indeed, at
Cryptocurrency and Taxes Cryptocurrency is more popular now than ever. You have probably seen reports of rapid, sometimes massive gains and losses in virtual coins such as Bitcoin, Etherium, and Dogecoin. However, these reports do not address what cryptocurrency is, how one obtains and manages it, or what tax implications are generated when trading in
Cryptocurrency and Capital Gains Tax Bitcoin quietly made its appearance on the world stage in 2014. Initially, cryptocurrencies were merely obscure novelties. They were discussed by niche circles in tech and academia, if at all. It was only with the arrival of significant gains in 2017 that Bitcoin, and the cryptocurrency space as a whole,