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What was the IRS's stance on exchange rates for cryptocurrencies in 2014?

avatarrushMar 18, 2022 · 3 years ago3 answers

In 2014, what was the official position of the IRS regarding the valuation of cryptocurrencies in terms of exchange rates?

What was the IRS's stance on exchange rates for cryptocurrencies in 2014?
Cryptocurrencies
IRS
Exchange Rates

3 answers

  • avatarMar 18, 2022 · 3 years ago
    According to the IRS in 2014, cryptocurrencies were treated as property for tax purposes. This means that the exchange rates used to determine the value of cryptocurrencies for tax reporting were based on the fair market value in U.S. dollars at the time of the transaction.
  • avatarMar 18, 2022 · 3 years ago
    Back in 2014, the IRS considered cryptocurrencies as property, not currency. Therefore, when it came to determining the value of cryptocurrencies for tax purposes, the exchange rates were based on the fair market value in U.S. dollars at the time of the transaction.
  • avatarMar 18, 2022 · 3 years ago
    In 2014, the IRS classified cryptocurrencies as property, which meant that the exchange rates used to calculate their value for tax purposes were based on the fair market value in U.S. dollars at the time of the transaction. This classification has since been upheld by the IRS in subsequent years.

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