Basis Issues in Cryptocurrency

bitcoinCryptocurrency has recently attracted attention from investors in all walks of life. Unfortunately, the legal and regulatory environment for cryptocurrency has not yet been fully developed, including in the area of taxation. The IRS views cryptocurrency as property and not as a currency. Consequently, for investors, it will be regarded as a capital asset for tax purposes, which means that a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.

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