Saim Akif

CPA, CFA, CAMS, Realtor

Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting

Saim Akif, CPA, CFA, CAMS, Realtor

Is Cryptocurrency Categorized as Income?

This is my first year investing in crypto. Do I categorize it as regular income like from my day job?

Under the 2014 IRS ruling, cryptocurrency is not treated as regular income. It is treated as a capital asset, same as the investments done in purchasing stocks and bonds. It is not treated as an exchange currency such as the dollars or euros but rather treated as an asset. As a result, people have to face more complicated taxation protocols, for instance, the ones they have to follow when paying up taxes for controlled assets. 

Ask a Question

© Saim Akif, 2021