It is Tax Season! How will the IRS treat your Cryptocurrency? Page One of Two: The IRS treats Cryptocurrency as property -- not currency -- for tax purposes. This means that the same tax reporting laws which apply to other forms of property (stocks, bonds, etc.) also apply to Cryptocurrency. Form 8949 lists all of your crypto sales / taxable events as well as the cost basis, proceeds, and gain/loss for each. Schedule D is a total report of your net capital gains or losses. IRC § 1001, 26 CFR 1.61-6, explains that property generates income when it is sold or exchanged. This income is called capital gains/losses. Cryptocurrencies (virtual currencies) are treated no differently. JEFFREY B. TRAVIS Accountant & Consultant 847-267-0300 x 102 Jeff@jeffreybtravis.com January 13, 2020 Page One of Two #cryptocurrency #cryptocurrencytax #cryptocurrencytaxation #cryptocurrencytaxes #cryptocurrencytaxprep #cryptocurrencytaxlaw #cryptocurrencytaxspecialist #cryptocurrencynews #cryptocurrencyeducation #jefftravis #jefftraviscpa #jeffreybtravis #jeffreybtraviscpa.