People Who Own Cryptocurrency Are Getting Slammed With More Taxes Than They Expected

The IRS has since clarified that virtual currency is to be “treated as property for US federal tax purposes,” meaning any gains between the time bitcoins were bought and when they were sold (due to price deflation) must be treated as capital gains. Yet four years since Cross’s Reddit post, paying cryptocurrency taxes hasn’t gotten much easier. After Bitcoin’s biggest year yet—with a high of $19,000 USD for one bitcoin in December—most clients are getting hit with way more taxes than they anticipated.

Source: vice.com