
Photo Credit:
fairy
by
Not Available is
licensed under
SVG Silh
CC0 1.0
As a result, the tax reporting requirements for cryptocurrency look very similar to traditional stock trading: Owners incur capital gains and losses that must be reported on each taxable event. However, due to the nature of cryptocurrency and how it is transacted with, complications arise for tax professionals. This guide walks through the 4 most common challenges faced in cryptocurrency tax compliance.
1. Assigning cost basis
2. Loss of access to transaction data
3. Lack of clear regulation
4. Difficulties with cryptocurrency tax software
Help FAIRtax Get In The Presidential Debates in 2020
Enacting the FAIRtax must be a prominent topic on the Presidential Debate stage. We did it before, we can do it again, but we need your help!