Hey everyone, it’s Brian with Crypto Disrupt.
I’ve got some bad news for US citizens in the crypto space.
The IRS has just announced that they will now be tracking and enforcing cryptocurrency capital gains taxes.
This means that any US citizen who has made a profit from trading cryptocurrencies will be required to report their gains to the IRS and pay the appropriate taxes.
This could have a huge impact on the cryptocurrency market, as many US citizens may be discouraged from investing in cryptocurrencies if they have to pay taxes on their profits.
The IRS has also stated that they will be issuing tax guidance for cryptocurrency capital gains and losses, so US citizens should stay tuned for more information.
It’s definitely a bad situation for US citizens in the crypto space, and it looks like the IRS is serious about tracking and enforcing cryptocurrency capital gains taxes.
Stay informed and stay safe.