IRS Crypto FAQ Updated on Form 1040
The IRS aggressively pursuing taxpayers who fail to disclose their cryptocurrency gains and losses on their income tax returns. The IRS website has recently updated their FAQ.
US Taxes for Crypto Miners
Taxpayers can make money by staking cryptocurrency and mining cryptocurrency. Crypto mining is generally treated as ordinary income and reportable for federal tax purposes.
Do I Need an FBAR for my Crypto Holdings?
Foreign Bank Account Report (FBAR) filings are generally required when U.S. persons have an ownership interest or signature authority over foreign financial accounts. This article discusses whether FBAR filings may be required for cryptocurrency holdings.