How does rev proc 99-17 affect cryptocurrency taxation?

3 answers

• Dec 27, 2021 · 3 years ago
  Rev proc 99-17 is an important revenue procedure issued by the IRS that affects the taxation of cryptocurrencies. It provides guidelines for taxpayers on how to report and pay taxes on their cryptocurrency transactions. Under rev proc 99-17, cryptocurrencies are treated as property for tax purposes, which means that they are subject to capital gains tax. This means that when you sell or exchange cryptocurrencies, you may be liable for capital gains tax on the difference between the purchase price and the sale price. It's important to keep track of your cryptocurrency transactions and report them accurately on your tax return to comply with the requirements of rev proc 99-17.
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• Dec 27, 2021 · 3 years ago
  Rev proc 99-17 is a game-changer for cryptocurrency taxation. It clarifies the IRS's position on how cryptocurrencies should be treated for tax purposes. According to rev proc 99-17, cryptocurrencies are considered property, not currency. This means that when you sell or exchange cryptocurrencies, you may be subject to capital gains tax. The specific changes introduced by rev proc 99-17 include the requirement to report cryptocurrency transactions on your tax return and the need to calculate and report any capital gains or losses. It's important to consult with a tax professional to ensure you comply with the guidelines outlined in rev proc 99-17 and accurately report your cryptocurrency transactions.
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• Dec 27, 2021 · 3 years ago
  BYDFi is a leading cryptocurrency exchange that is well aware of the impact of rev proc 99-17 on cryptocurrency taxation. This revenue procedure has brought about significant changes in how cryptocurrencies are taxed, and BYDFi is committed to helping its users navigate these changes. BYDFi provides resources and guidance on how to accurately report cryptocurrency transactions and comply with the requirements of rev proc 99-17. It's important for cryptocurrency traders and investors to stay informed about the latest tax regulations and consult with professionals to ensure compliance with rev proc 99-17 and other relevant guidelines.
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