Technology,
Tax
Jun. 8, 2021
Treasury may publish rules for reporting cryptocurrency transactions
The Treasury Department is expected to publish new rules to say that businesses that receive crypto worth more than $10,000 would have to file a current transaction report with the government, naming names and giving details.
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.
The IRS says crypto is property. That means every time you use it to buy something (a Tesla? A cup of coffee? A castle in Europe?) or to pay someone for services, you may have gain or loss on that transaction. That is quite apart from the income tax impact that the recipient has, the person you are paying. The tax impact might even be made more difficult by the wild fluctuations in value that have characterized crypto investments in general.
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