Author: Janet Behm (1 articles found) - Clear Search

Cryptocurrency Taxation

Utah Real Estate Investors Association

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"Don't judge each day by the harvest you reap but by the seeds that you plant." -Robert Louis Stevenson

In recent years, some cryptocurrency traders have been caught off guard by the surprise tax bill generated from their trading activities. Many others have simply failed to report these transactions to the IRS at all, unaware that they even need to. Those folks in particular are in for a rude awakening someday, as the IRS expands its enforcement against crypto traders.

So, what are your responsibilities as a crypto trader? What if you’re not actively trading these assets, but simply holding them? What records should you be keeping?

Crypto is Taxed as Property
Let’s start with the most important thing you need to understand about crypto, and its relationship with the IRS: The federal government taxes crypto like property.

In other words, the IRS looks at crypto the same way it looks at houses, cars, paintings, even baseball cards. While
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