Roughly four hours into a phone call with a TurboTax representative, I found out I probably didn’t owe any taxes on my admittedly meager bitcoin holdings. It should have been obvious.
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Crypto Taxes 2020
The U.S. has been struggling to recognize cryptocurrency as a virtual asset, partly because the IRS hasn't figured out how to tax it. This year marks the first time a cryptocurrency question is on the IRS tax form. But the guidelines are still unclear. Here’s what we know and what we don’t about filing crypto taxes by July 15.
Photo: www.coindesk.com
Dispatch
If a reporter who’s been embedded in the space is having this much trouble figuring out how to tax crypto, imagine how hard it might be for a complete newcomer. This is going to remain one of the biggest barriers to mainstream adoption.
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This year marks the first time a cryptocurrency question is on the IRS tax form - a feat six years in the making. Regulators have been struggling for years to embrace this virtual asset, mainly because they haven’t figured out how to tax it. Here’s what we know about filing crypto taxes - and what we don’t.
