According to a survey done by the Pew Research Center whose results were published in November 2021, 16% of Americans indicated they personally have invested in, traded or otherwise used virtual currency . Additionally, the number of people investing in or engaging in transactions involving virtual currency continue to increase. These statistics strongly suggest that tax preparers must be aware of the nature of virtual currency and its tax treatment. It's to provide that awareness that Tax Treatment of Virtual Currency was written.
Course Publication Date:
August 25, 2022
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$10.00!
| Author: | Paul Winn |
| Course No: | TAX-CRYPTO-12022 |
| Recommended CPE: | 1.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
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Learning Objectives
- Describe virtual currency.
- Explain how central bank digital currency (CBDC) is used.
- Recognize how stablecoins differ from unbacked cryptocurrency.
- Describe how virtual currency networks maintain security.
- Recognize how blockchain is employed with respect to virtual currency transactions.
- Calculate the adjusted cost basis of virtual currency that is purchased, mined, or received as a gift.
- Calculate the adjusted cost basis of virtual currency that is Apply existing tax law to transactions involving virtual currency.
- Describe the tax treatment of virtual currency given as a charitable gift.
- Recognize the tax treatment given virtual currency when less than all is sold, exchanged, or otherwise disposed of.