Plenty of people who hold cryptocurrency never sell a single coin. They buy a token, leave it sitting in an account, and watch the balance grow. With some cryptocurrencies, that balance grows on its own. The platform “stakes” the tokens, and new tokens show up in the account every month. The owner does nothing. The…
Category: Virtual Currency
Virtual Currency
Stay up to date on the tax implications of virtual currencies such as Bitcoin and Ethereum, including the tax treatment of mining, trading, and holding these assets. Give us a call to see how we can help, (713) 909-4906.
Tax on Virtual Currency Received for Microtasks
Our Federal income tax laws take a broad view of what counts as income and gain. The tax law then imposes a ridged framework for classifying and computing tax on income or gain. By casting the net wide, the tax law is able to capture just about every type of transaction that one could dream…