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US IRS will Soon Release First Cryptocurrency Taxation Guidance Since 2014

Abstract : IRS has been considering acceptable methods for calculating cost basis and other issues a House representative called IRS to clarify, and intends to publish guidance addressing these and other issues “soon”.

ChainDD
ChainDD

May 21

May 21 (ChainDD) US As to the tax consequences of cryptocurrency transactions, the US Internal Revenue Service (IRS) will provide additional guidance to taxpayers, revealed Charles Rettig, a Commissioner of IRS, in his reply to a House representative Tom Emmer shared by CoinDesk.

According to Rettig’s letter of reply, IRS issued guidance in 2014, which stated virtual currency is treated as property, so the existing tax principles applicable to property transaction apply to virtual currency transactions. He share Emmer’s belief that taxpayers deserve clarify on basic issues related to the taxation of cryptocurrency transactions. IRS has been considering acceptable methods for calculating cost basis and other issues Emmer called IRS to clarify, and intends to publish guidance addressing these and other issues “soon”.

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