Are gas fees for Ethereum transactions tax deductible?

3 answers

• Dec 16, 2021 · 3 years ago
  As an expert in the field, I can confirm that gas fees for Ethereum transactions are not tax deductible. The Internal Revenue Service (IRS) treats cryptocurrencies like Ethereum as property, not currency. Therefore, gas fees are considered transaction costs and are not eligible for tax deductions.
  298149
• Dec 16, 2021 · 3 years ago
  Unfortunately, gas fees for Ethereum transactions are not tax deductible. The IRS has provided guidance that treats cryptocurrencies as property for tax purposes. This means that gas fees are considered part of the cost basis of your Ethereum holdings and are not deductible as transaction expenses.
  299100
• Dec 16, 2021 · 3 years ago
  Gas fees for Ethereum transactions are not tax deductible. According to the IRS, cryptocurrencies like Ethereum are treated as property, similar to stocks or real estate. Gas fees are considered transaction costs and are factored into the overall cost basis of your Ethereum holdings. However, it's always a good idea to consult a tax professional for specific advice regarding your individual situation.
  404101