Here’s what you need to know for your 2020 taxes when reporting virtual currency to the IRS
The value of Bitcoin is skyrocketing. If you’re planning on selling now and pocketing the gains, Uncle Sam is going to want his share.
This week, the cryptocurrency hit price it hasn’t seen since 2017, climbing toward $18,000 for one unit of Bitcoin. Over the course of 2020, it’s price has risen by more than 150%.
Original Article Source Credits: CNBC , https://www.cnbc.com/
Article Written By: Darla Mercado
Original Article Posted on: NOV 20 2020
Link to Original Article: https://www.cnbc.com/2020/11/20/heres-what-you-need-to-know-when-reporting-virtual-currency-to-the-irs.html