Most virtual currency transactions involving a sale or exchange will have a taxable outcome. In the Virtual Currency Taxation course, we describe the basics of virtual currencies, and then delve into the cost basis of virtual currency, followed by the tax status of a number of virtual currency transactions. These transactions include virtual currency paid for services rendered, exchanges of property for virtual currency, charitable gift situations, and airdrop distributions. The course also covers IRS transaction recordation and reporting requirements.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Specify the characteristics of virtual currency.
Recall the characteristics of a cryptocurrency wallet.
Specify how the proof of work method functions.
Recall how virtual currencies are taxed when they are sold, exchanged, or otherwise disposed of.
Identify the self-employment tax issues related to virtual currency payments made in exchange for services rendered.
Major Topics
Virtual Currency Basics
Investing in Virtual Currencies
Taxation of Virtual Currency Transactions
Transaction Recordation
Transaction Reporting
