Tax
Oct. 28, 2019
New crypto rules from IRS may warrant amending your taxes
The IRS has issued two new pieces of guidance. These rules are IRS interpretations of existing law, which means the IRS could apply them to prior tax years.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Bitcoin and other cryptocurrencies are volatile, but they are fun too, until you start thinking about taxes. Back in 2014, in Notice 2014-21, the IRS said it would tax crypto as property (not currency). That has a staggering array of tax impacts. It can mean each transfer -- even each swap of one crypto for another -- is taxed. As the vast wild frontier of different coins, exchanges, forks and hard forks has been percolating, the digital community has been anxious for...
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