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IRS to Taxpayers: You May Owe Taxes on Crypto Transactions

Saturday, Aug 03 2019
Cryptocurrency
Written by  FinTech News Brief Staff
IRS to Taxpayers: You May Owe Taxes on Crypto Transactions

The Internal Revenue Service is asking thousands of taxpayers who did not report transactions featuring virtual currency to check to see if they owe taxes. So reports Reuters.

The IRS is sending more than 10,000 letters to taxpayers through August. Cryptocurrencies like bitcoin are considered property and should be reported as capital gains and losses.

Read the full story from Reuters.

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