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  • Cryptocurrency Tax Guide for US Individuals
    • Virtual Currency & Cryptocurrency
    • Who are Recap?
  • CRYPTOCURRENCY TAX
    • Do I Need to Pay Tax on my Crypto?
    • Which Taxes Apply?
      • Capital Gains Tax (CGT)
      • Income Tax
      • Non-Taxable Transactions
    • How Much Tax Will I Pay?
    • Capital Gains Tax
      • Calculating the Capital Gains and Losses
      • Cost Basis Methods
      • Disposal proceeds
        • Non Taxable Events
        • Taxable Events
        • Donating cryptocurrency to a charitable organization
        • Gifting cryptocurrency to another person
    • Income Tax
      • Receiving cryptocurrency from mining
      • Receiving cryptocurrency rewards
      • Forks
      • Airdrops
      • Tax on Tokenswaps and Mainnetswaps
    • Deductibles and Reducing Capital Gains
  • TRANSACTION TYPES
    • 💷Selling Crypto for Fiat
    • 🛍️Purchases using Crypto
    • 🔄Exchanging one crypto for a different crypto
    • 🎗️Donations to Qualified Charities
    • 🎁Gifts
    • 🎈Airdrops
    • 🤝Staking
    • 💸Transfers
    • 🍴Forks
    • ⛏️Mining
    • 👛Employment income
    • 🚨Lost & Stolen Crypto
    • 💧Liquidity Pools
    • 🔮Cryptoasset derivatives (CFDs, Futures and Margin Trading)
    • 💼Crypto Loans
    • 💎Lending Rewards
    • 🪞Reflections Rewards
    • 👥Referral Income
    • 💳Cashback
    • 🎨NFTs (Non Fungible Tokens)
    • 🎮Play-to-earn gaming NFTs
  • Record Keeping
  • Reporting Income and Gains to the IRS and Paying the Tax
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Cryptocurrency Tax Guide for US Individuals

An Introduction to Cryptoassets & Recap

NextVirtual Currency & Cryptocurrency

Last updated 2 years ago

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Introduction

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

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.

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Recap
guidance on Cryptocurrency in 2014
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