2021 Outlook Into The Crypto Tax Space

2021 Outlook Into The Crypto Tax Space

The recognition of cryptocurrency has been on the increase for a long time. But 2020 has been a quite specific year with numerous much more retail buyers acquiring publicity to bitcoin through the COVID-19 lockdown, community businesses like MicroStrategy

MSTR
, Square

SQ
, and Grayscale beefing up their bitcoin holdings, and big fintech firms like PayPal

PYPL
introducing cryptocurrency products and solutions. As we close the 12 months amidst a potent bull market, this is a excellent time to search into the 2021 yr and explore what we can anticipate in the crypto tax room. 

Elevated Crypto Tax Consciousness

In 2021, 150 million American taxpayers will be asked at the major of the entrance webpage of IRS Variety 1040: “At any time during 2020, did you get, sell, ship, trade, or in any other case acquire any monetary desire in any digital currency?”. This will also make cryptocurrency taxes which was the moment a market subject matter a extra mainstream region of taxation that all accountants need to have to be informed of. 

IRS Desires To…

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