TLDR
The IRS has issued a ruling that designates cryptocurrencies as property — not money. That means they’re subject to capital gains tax just like stocks, bonds, and similar financial instruments. The IRS doesn’t set a de minimis threshold for crypto transactions, meaning there would be tax due every time anyone used a cryptocurrency to make a purchase — no matter how small. The only real solution is to head off the problem by reporting capital gains on those assets the right way in the first place — and there are now technological means for taxpayers to do that.via the TL;DR App
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Written by techlooter | Cofounder at HOME3. A digital evangelist.
