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Cryptocurrency and the Wash Sale Rule

February 11, 2022

Cryptocurrency and the Wash Sale Rule The IRS classifies cryptocurrencies like Bitcoin, Ethereum, Dogecoin, or Shiba Inu as property. Cryptocurrency investors are subject to the same capital gains and losses rules that apply to other investors, with one important exception. Cryptocurrency investors escape the wash...

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IRS Directly Seeks Out Cryptocurrency Non-Filers

March 16, 2020

IRS Directly Seeks Out Cryptocurrency Non-Filers The US Treasury Department (IRS) filed a successful lawsuit against Coinbase, Inc., resulting in Coinbase having to provide information on all account holders having transactions in excess of $20,000 in any year since 2007. This resulted in the surrender of information...

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Cryptocurrency Tax Enforcement

June 27, 2019

Cryptocurrency Tax Enforcement Because no centralized institution records each cryptocurrency transaction on the blockchain, it is inherently more difficult for the IRS to track these transactions — thus rendering cryptocurrency conducive to money laundering. That may continue to be the case until, perhaps, the IRS...

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