Those range from good old-fashioned fraud to more novel cybercrimes, as well as the distinct possibility the government has forfeited massive amounts of tax revenue to this secretive market since 2013. In fact, a number of state and federal agencies are increasingly concerned about the individual and systemic risks cryptocurrencies pose. That's likely to change in 2018, however, given the SEC's closer scrutiny of virtual currencies. The freewheeling universe of cryptocurrencies has so far mostly evaded the cumbersome, complex regulations customary in most other US financial markets. Now, in the wake of that dramatic swing, it's time to start thinking about taxes. ![]() (As of mid-February, it's climbed back past $10,000.) Other virtual currencies, including Litecoin and ether, also saw precipitous drops. ![]() ![]() It's been a wild ride for cryptocurrency enthusiasts over the past few months.Īfter ascending to a high water mark of $19,205 in December 2017, the world's preeminent cryptocurrency - that's bitcoin - shed more than half its value over the 60 days that followed. Before you jump into this explanation of how cryptocurrency affects your taxes, check out our first article in this series: Bitcoin, explained.
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