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Cryptocurrency taxes

How Will My Cryptocurrency Sales Affect My Taxes?

Cryptocurrencies (also called altcoins) have been in the news a lot over the past year or so, and while thousands of people have been cashing in on their investments in digital currencies like Bitcoin, many of them haven’t considered the tax ramifications of those sales. The IRS considers cryptocurrencies to be property, which means a variety of taxes likely apply to your altcoin transactions, including capital gains.

Let’s examine the tax implications of cryptocurrency further, including potential criminal action for non-disclosure, and determine the best course of action for filing next year’s taxes. Read more