Tag: U.S. Crypto Tax

U.S. Crypto Tax refers to the taxation policies and regulations imposed by the United States government on cryptocurrency transactions and holdings. Under U.S. tax law, cryptocurrencies are treated as property rather than currency. This means that transactions involving cryptocurrencies—such as buying, selling, or trading—may result in capital gains or losses, which must be reported on tax returns. Taxpayers are required to keep accurate records of their crypto transactions, including the dates, amounts, and the cost basis to calculate any potential gains or losses. The Internal Revenue Service (IRS) has issued guidance on how cryptocurrencies should be taxed, emphasizing that failure to report crypto-related income can lead to penalties. Additionally, there are specific rules regarding mining, staking, and earning interest on crypto holdings that also attract taxation. U.S. Crypto Tax encompasses the legal and administrative framework surrounding these obligations and the implications for individuals and businesses dealing with cryptocurrencies in the U.S.

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U.S. Advances Cryptocurrency Tax Compliance with New Reporting Standards

29 June 2024Jason Greyson

New regulations have been implemented by the U.S. Treasury Department, mandating that cryptocurrency brokers report user transactions to the IRS. In pursuit of transparency and tax compliance for digital asset dealings, this move is a key outcome of the bipartisan Infrastructure Investment and Jobs Act of 2021. Within the next few years, the Treasury’s policy […]