NY Times: Trade Your Crypto. Buy Your NFTs. And Pay Your Taxes (March 26, 2022)

David Yaffe-Bellany and Ron Lieber, in their New York Times article, discusses tools that help investors better understand their returns on cryptocurrency. Their article, “Trade Your Crypto. Buy Your NFTs. And Pay Your Taxes”, begins as follows:

The Internal Revenue Service may run on ancient technology, but that isn’t stopping it from taking its cut from your newfangled cryptocurrency winnings.

In case you didn’t notice last year — or pretended not to — the I.R.S. moved the question about whether you sold, exchanged or “otherwise” disposed of any financial interest in virtual currency. It’s now high up on the 1040 form — above even where you list your wages.

How serious is the government getting about crypto? This month, President Biden signed an executive order that raised the possibility of a central bank digital currency. And the next day — perhaps driving home the point about the tax implications of all this — the I.R.S. announced that two owners of a cryptocurrency company were going to prison for a combined eight years for tax evasion.

To see the full article, click: “Trade Your Crypto. Buy Your NFTs. And Pay Your Taxes”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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