Cryptocurrency Tax Guide for US Individuals

An Introduction to Cryptoassets & Recap

Introduction

The Internal Revenue Service (IRS) first started offering guidance on Cryptocurrency in 2014 and updated and added to this guidance in 2019. Recap has produced this comprehensive Cryptocurrency Tax Guide to set out all of the relevant information regarding cryptocurrency taxation for US individuals.

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IRS terminology

The information in this guide has been sourced from the IRS and we will refer to their guidance notes and some of their terminology throughout.

Disclaimer:

The content of this guide is for general informational purposes only. It is not legal or tax advice. Viewing this guide does not create an attorney-client relationship or a tax advisor-client relationship. The information in this guide represents the opinions of experienced crypto tax professionals; however, some of the topics in this guide are still subject to debate amongst professionals, and the IRS could ultimately release guidance that conflicts with the information in this guide. The information contained in this guide is based on the authors’ interpretation of the Internal Revenue Code (“Code”). Changes to the Code may be retroactive and could significantly alter the views expressed herein. Therefore, use this information at your own risk and for information purposes only. Consult a professional regarding your individual tax or legal situation.