December, 2019

Are Bitcoin and Cryptocurrency Taxable?

By Jackson Law Group
December 16th, 2019

Posted in Tax Law & IRS Defense

What is Cryptocurrency? Cryptocurrency is a virtual currency or representation of money or value.  However, it is not legal tender of any government.  Cryptocurrency is similar to the U.S. dollar in that it can be used to purchase goods and services, and it can also rise and fall in value depending on supply and demand.  Bitcoin, for example, is set to produce a limited supply.  In addition to Bitcoin, there are several other types of cryptocurrencies such as Ethereum and Ripple.   

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