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Bitcoin hit the $19,800 mark. What the IRS wants to know about your holdings

Source: https://cnbc.com/2020/12/01/bitcoin-hit-the-19800-mark-how-this-could-affect-your-2020-taxes.html - Dec 4, 2020

If you’re cashing in some of your Bitcoin this year, the IRS wants to know about it.

On Monday, the cryptocurrency’s value hit new heights, surging beyond $19,800 for a unit of Bitcoin. The asset’s appreciation has skyrocketed this year, rising by 160% in 2020.

Understand that if you want to take a few of those holdings off the table, you’ll need to share that information when you file your individual income tax return next spring.

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Category: General Business