Irs taxes crypto currency

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You DON'T Have to Pay Crypto Taxes (Tax Expert Explains)
No. If you receive virtual currency as a bona fide gift, you will not recognize income until you sell, exchange, or otherwise dispose of that virtual currency. WASHINGTON � The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital. The IRS includes �cryptocurrency� and �virtual currency� as digital assets. Examples of digital assets include (but are not limited to).

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For more information on compensation for services, see Publication , Taxable and Nontaxable Income. What records do I need to maintain regarding my transactions in virtual currency? Not all pros provide in-person services.