More IRS crypto reporting, more danger

More IRS crypto reporting, more danger


The United States Internal Revenue Service classifies crypto as property, meaning you can trigger taxes every time you use crypto to buy something. You might be using it to pay for a Tesla electric vehicle — oh, sorry, that’s not possible anymore — a cup of coffee or even a castle in Europe. You might be paying someone for services, either as an independent contractor or as an employee. But no matter what the transaction, you may have a gain or a loss, something quite apart from the income tax impact on the person you are paying. 

Not so simple with taxes

The tax impact might even be made more difficult by the wild fluctuations in value that tend to characterize crypto investments. Think about paying for services too: Say you pay someone as an independent contractor; to report the payment, you’ll need to issue them an IRS Form 1099. Whatever the type or amount of crypto you use, the IRS

Trending: 8 BOXES REMAIN – Hand Recount Nearly FINISHED – HUGE Discrepancies Expected – NO BALLOTS = NO VICTORY

Continue reading

You Might Like

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend