The Crypto-Tax Man Cometh

If you own crypto-currency, you may be in for a nasty surprise come April 15th.

Rumor has it that the crypto-currency exchange Coinbase has been ordered to turn over records of 13,000 accounts to the IRS containing ” “taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period.”

Since the IRS calls crypt-currency an “intangible asset” any trade results in a capital gain or loss. Coinbase will be sending the IRS 1099-K’s that will report your gain.

So, if you made a killing in 2017 on Bitcoin, be prepared to pony up.

Here’s a primer on how to figure it out:


About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
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