In the last episode, we were joined by Dr. Anonymous, a cryptocurrency miner who explained what cryptocurrency is, how it’s mined, and how it’s valued. In this episode, we’re going to talk about another important aspect of cryptocurrency: how the IRS is looking at it and how it’s taxed. Because, as you know, if there is money to be made, there are taxes to be paid.
Melane Howell and Tim Dimitroff, have invested some serious time and energy into researching cryptocurrency and the tax implications associated with this intangible asset. They will be talking about the guidance that currently exists, how it’s actually viewed by the IRS, and what other reporting requirements are out there for cryptocurrency miners like our friend Dr. Anonymous. For all intents and purposes, cryptocurrency is used and treated like money and it’s used for things like purchasing goods and compensating employees. However, the IRS actually considers cryptocurrency to be intangible property – and any way you slice it, the IRS considers transfers of cryptocurrency to be a taxable event.
If you are invested in or interested in cryptocurrency, you will want to know about these other topics discussed in this episode:
- IRS guidance was originally issued in 2014, which means currently there are quite a few areas that require additional clarification by the IRS.
- What you do and don’t have to report to the IRS about your cryptocurrency holdings and trades.
- If you have invested in cryptocurrency, you could be looking at foreign reporting requirements.
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**Check out last week’s podcast, episode 138 – holy cryptocurrency, batman! for a deep dive into the world of cryptocurrency and a first-hand account from a crypto-collector**
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The Best Thing Since The Internet? – What are Blockchain and cryptocurrencies and how are they the way of the future?
Podcast | Holy Cryptocurrency, Batman! – Dr. Anonymous, a professional crypto miner, joins Dave on unsuitable to talk about investing in cryptocurrency and the future outlook.
Education Is The Enemy Of Cybercrime – You should invest your time and attention into your backup/restore processes rather than paying criminals off with cryptocurrency.
Looking For The Next Level Of Business Success? – Achieving a higher level of success means you must embrace change and adopt new behaviors. If you start putting your effort and resources toward this particular strategy, results are sure to come.
Will Your Company Still Be Relevant Tomorrow? – The future of your business – not just your bottom line – is impacted by the investments you make in your own leadership training.
official transcript
Click here to read the official transcript for episode 139, “Watch Out Crypto-Collectors, the IRS is Watching!”