Have you ever found yourself constantly questioning what cryptocurrency is in terms of taxes, and still not getting? The tax code does not get it clearly either.
When you hold crypto coins, each move of yours triggers taxes. For tax purposes, transfers are treated as sales. Well, unless you can find some other way of transferring cryptocurrency tax-free. The fact that the Internal Revenue Service (IRS) marks crypto as property might prompt you to study the concept of ownership.
But, is crypto really yours, if you are holding it for someone else? In other words, if you are holding the crypto for the benefit of someone else, who has to pay the taxes? read more