As cryptocurrency acquisition has boomed, the Internal Revenue Service has been famously elusive about the regulation by which such capital gains and losses are legally accounted for. While there was some preliminary guidance issued back in 2014, it only covered trading, and urged users to report digital asset gains as “property”. […]

If you want to know your gains or losses, you need to know your basis. It’s really just as simple as finding the original purchase price of your coin in FIAT + acquisition costs. For example, did you buy one Bitcoin at $14,000 + pay $290 in fees? Your basis is […]

You’re probably asking yourself, “What in the heck is realization?” In regular-people-speak, it has to do with when you sell an asset.

It’s a grey area but, yes, crypto taxes are a thing. The IRS may have classified virtual currency as “property” but that doesn’t change the fact that, in some cases, it still falls under the tax code for “income”.