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Message
re: Crypto and taxes.
Posted on 7/22/21 at 1:12 pm to GumboPot
Posted on 7/22/21 at 1:12 pm to GumboPot
quote:Yes
Are federal taxes required to be paid on the $20K of USD appreciation?
quote:No
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
1
Posted on 7/22/21 at 1:23 pm to TigerTatorTots
I found the answer on the IRS website:
LINK
quote:
Q–6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property?
A–6: Yes. If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency. See Publication 544, Sales and Other Dispositions of Assets, for information about the tax treatment of sales and exchanges, such as whether a loss is deductible.
LINK
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