Using cryptocurrencies has federal income tax implications. Here’s what you need to know at 2021 tax return time if you made crypto transactions last year. on.barrons.com/3rgh5bF
@barronsonline Define "transfer" as used here (image). If I transferred bitcoin from 1 wallet to another, or from a wallet to an exchange(or vice versa), is that a "transfer" regarding this new tax rule? I didn't dispose of it; I merely moved it. #Crypto #IRS
@barkway @barronsonline No. As long as you're transferring it to another account you own, it's fine. If you transferred it to someone else or changed it to a different currency, or bought something with it then you'd be subject to tax.
@MarginalSC @barronsonline Here is what will be hard for me to know how to report, or even know if I owe tax; if I used fractional BTC to buy fractional ADA. How do you even figure out cost basis, & if I still hold the ADA, how is that taxable? No realized gain or loss.
@MarginalSC @barronsonline This is going to be a nightmare to figure out. And we get no 1099s for crypto. And my CPA knows little to nothing about crypto. #IRS