Tax
Jul. 28, 2021
Are Plan B Passports a real donation or a purchase of citizenship?
Way back in 2014, IRS ruled that cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences, accentuated by wild price swings. Buying and selling crypto can trigger gain or loss and be taxable. Yes, even buying something using crypto — a house, a car, a new suit of clothes — can trigger taxes. Even paying taxes in crypto can trigger taxes.
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.
Way back in 2014, IRS ruled that cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences, accentuated by wild price swings. Buying and selling crypto can trigger gain or loss and be taxable. Yes, even buying something using crypto -- a house, a car, a new suit of clothes -- can trigger taxes. Even paying taxes in crypto can trigger taxes.
If you owe $5,000 in taxes, you could pay t...
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