Whether you were paid in ethereum or you sold some of your bitcoin in 2017, one key question will determine your responsibility to the IRS: What's your cost basis? As Tax Day — April 17 — approaches, holders of cryptocurrency ought to take a moment and review their holdings as well as all of their transactions throughout 2017.
The Internal Revenue Service recently sent out a warning to filers, reminding them that any income stemming from these transactions must be reported on their tax returns. In the worst case, failure to properly report your virtual currency transactions may lead to fines of up to $250,000 and prison.
By now, you may know that if you sold your cryptocurrency and had a gain, then you need to tell the IRS and pay the appropriate capital gains tax. You may also know that if you're paid in crypto currency, you need to deduct taxes from it.
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