Virtual Tax, now updated for 2023, is a guide to the taxation of this weird new asset called cryptocurrency, which the IRS is now calling "digital assets." Intended for both the taxpayer and the tax preparer, Virtual Tax reviews the IRS guidance released to date, including recently released Chief Counsel memos, summarizes the guidance, and then describes the tax treatment of every imaginable cryptocurrency transaction: selling, trading, earning, investing, spending, donating, inheriting, foreign exchange reporting requirements, airdrops, forks, IRAs, wash sales, loaning, 1099Ks, how to answer the new "Crypto Question" on the 1040, the tax treatment of NFTs, and more.
Virtual Tax, now updated for 2023, is a guide to the taxation of this weird new asset called cryptocurrency, which the IRS is now calling "digital assets." Intended for both the taxpayer and the tax preparer, Virtual Tax reviews the IRS guidance released to date, including recently released Chief Counsel memos, summarizes the guidance, and then describes the tax treatment of every imaginable cryptocurrency transaction: selling, trading, earning, investing, spending, donating, inheriting, foreign exchange reporting requirements, airdrops, forks, IRAs, wash sales, loaning, 1099Ks, how to answer the new "Crypto Question" on the 1040, the tax treatment of NFTs, and more.
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