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Back in 2014, the IRS issued Notice 2014–21 which described how existing general tax principles apply to transactions using virtual currency. This notice contained 16 Q&As, which have now been amended and added to the 2019 ruling, resulting in a whopping 43 questions and answers that cover the entirety of crypto taxation issues.

Fair Market Value:

Fair Market Value (FMV) is typically defined as the selling price for an item to which a buyer and seller can agree. For crypto, FMV is the value of the currency when you received it, and the adjusted basis in the property exchanged.

According to the ruling…

Bittax

Innovative tax calculation platform with the aim to assist cryptocurrency holders maintain IRS compliance.

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