Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution.
The Internal Revenue Service or IRS is a public authority of Federal Government of the United States. The IRS is responsible for all tax collection and controls the implementation of tax legislation. The service was formed in 1862 and is headquartered in Washington, D.C.
There is currently an essential issue concerning the IRS with regards to the taxation of cryptocurrency. The organization has already announced that Bitcoin and other kinds of digital money are regarded as a possession, mining as a way of income, and the storing of cryptocurrency as equivalent to holding gold, meaning that everything should be taxed using the existing laws. Due to the IRS, if a Bitcoin owner came into possession of it by mining and then sold it, it is supposed to be considered 100% profit, which should be taxed between 15% and 20%, depending on its size. In addition to that, the IRS requested some large cryptocurrency exchange administrations for information about clients whose transactions were more than $20,000/year between 2013-2016.
The possible new funding would bring the Utah-based crypto tax automation provider to a valuation of $1 billion or above.1434
The U.S. Internal Revenue Service appears to be blinded by its own enthusiasm on crypto taxation, instead creating an excessive financial burden.19214
Any ransom payments made in cryptocurrency are taxed as property rather than currency, so be aware of the U.S. tax implications.2651
John McAfee asserted in an extradition hearing in Spain that the tax evasion charges aimed against him are politically motivated.21380
The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.12942
"Most crypto, virtual currencies are designed to stay off the radar screen," said Charles Rettig.8292
Coins earned by staking have been “created” and are untaxable until sold, according to one couple in the United States.14348
This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency.14795
News that Binance could be under investigation by the U.S. Justice Department and IRS triggered a marketwide sell-off that saw Bitcoin's price drop to $46,000.54333
The price of Bitcoin and Ether both fell between 3% and 5% as the report spread across social media.29028
If you’re a cryptocurrency holder with past-due tax debts, your provable holdings may be confiscated by the IRS if you don’t pay back what you owe.13642
A court in northern California has ordered Kraken to provide information on users who traded more than $20,000 between 2016 and 2020 to the IRS.23545
Are there any pitfalls in NFT taxation according to the current U.S. laws?8439
The recent John Doe summons developments indicate that the IRS is seriously interested in crypto — better to report than to be audited.51566