Cryptocurrency Purchases Made In USD Are Not Reportable To The IRS (2024)

More From Forbes

Coinbase Is Ready To Challenge The SEC","scope":{"topStory":{"index":1,"title":"Coinbase Is Ready To Challenge The SEC","image":"https://specials-images.forbesimg.com/imageserve/615daf7882a521d2906bb699/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Jul 22, 2022","hourMinute":"01:42","amPm":"pm","isEDT":true,"unformattedDate":1658511769326},"uri":"https://www.forbes.com/sites/haileylennon/2022/07/22/coinbase-is-ready-to-fight-the-sec/"}},"id":"4a45bgf3p85400"},{"textContent":"

A Landmark NFT Lawsuit Seeks To Determine How Creators, Owners, And Investors Can Protect Their Intellectual Property And Monetize Assets Moving Forward","scope":{"topStory":{"index":2,"title":"A Landmark NFT Lawsuit Seeks To Determine How Creators, Owners, And Investors Can Protect Their Intellectual Property And Monetize Assets Moving Forward","image":"https://specials-images.forbesimg.com/imageserve/62c4edebb1f5c0cc244b376c/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Jul 5, 2022","hourMinute":"10:13","amPm":"pm","isEDT":true,"unformattedDate":1657073626987},"uri":"https://www.forbes.com/sites/haileylennon/2022/07/05/a-landmark-nft-lawsuit-seeks-to-determine-how-creators-owners-and-investors-can-protect-their-intellectual-property-and-monetize-assets-moving-forward/"}},"id":"begeeak4ccq800"},{"textContent":"

Cryptocurrency Bill Will Mitigate Key Risks For Web3 Investors, If It Can Pass","scope":{"topStory":{"index":3,"title":"Cryptocurrency Bill Will Mitigate Key Risks For Web3 Investors, If It Can Pass","image":"https://specials-images.forbesimg.com/imageserve//62a2259860288340461962c7/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Jun 9, 2022","hourMinute":"01:01","amPm":"pm","isEDT":true,"unformattedDate":1654794108396},"uri":"https://www.forbes.com/sites/haileylennon/2022/06/09/cryptocurrency-bill-will-mitigate-key-risks-for-web3-investors-if-it-can-pass/"}},"id":"ck5jnq319q1400"},{"textContent":"

To Avoid Falling For Scams, Novice Crypto Traders Should Treat Most Tokens Like Stocks.","scope":{"topStory":{"index":4,"title":"To Avoid Falling For Scams, Novice Crypto Traders Should Treat Most Tokens Like Stocks.","image":"https://specials-images.forbesimg.com/imageserve//62877b8142e72746a5fdba0a/290x0.jpg?cropX1=0&cropX2=4928&cropY1=363&cropY2=3136","isHappeningNowArticle":false,"date":{"monthDayYear":"May 21, 2022","hourMinute":"09:08","amPm":"am","isEDT":true,"unformattedDate":1653138490170},"uri":"https://www.forbes.com/sites/rufaskamau/2022/05/21/to-avoid-falling-for-scams-novice-crypto-traders-should-treat-most-tokens-like-stocks/"}},"id":"7m3q25eop47400"},{"textContent":"

Large Crypto Losses May Not Become Instant Tax Write-0ffs, But Here’s What You Can Do","scope":{"topStory":{"index":5,"title":"Large Crypto Losses May Not Become Instant Tax Write-0ffs, But Here’s What You Can Do","image":"https://specials-images.forbesimg.com/imageserve//6287a5d65163da40b1837362/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"May 20, 2022","hourMinute":"10:33","amPm":"am","isEDT":true,"unformattedDate":1653057232682},"uri":"https://www.forbes.com/sites/shehanchandrasekera/2022/05/20/large-crypto-losses-may-not-become-instant-tax-write-0ffs-but-heres-what-you-can-do/"}},"id":"b2331hqcar1o00"},{"textContent":"

The Death Spiral: How Terra’s Algorithmic Stablecoin Came Crashing Down","scope":{"topStory":{"index":6,"title":"The Death Spiral: How Terra’s Algorithmic Stablecoin Came Crashing Down","image":"https://specials-images.forbesimg.com/imageserve//627f0a4ac5ccf5131ca36428/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"May 17, 2022","hourMinute":"04:38","amPm":"pm","isEDT":true,"unformattedDate":1652819918150},"uri":"https://www.forbes.com/sites/rahulrai/2022/05/17/the-death-spiral-how-terras-algorithmic-stablecoin-came-crashing-down/"}},"id":"aefq2do2qfh400"},{"textContent":"

How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes","scope":{"topStory":{"index":7,"title":"How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes","image":"https://specials-images.forbesimg.com/imageserve//6283d8e52ef8ecc2518c85be/290x0.jpg?cropX1=0&cropX2=3543&cropY1=178&cropY2=2171","isHappeningNowArticle":false,"date":{"monthDayYear":"May 17, 2022","hourMinute":"02:09","amPm":"pm","isEDT":true,"unformattedDate":1652810981753},"uri":"https://www.forbes.com/sites/rufaskamau/2022/05/17/how-the-defi-space-has-become-a-massive-breeding-ground-for-crypto-ponzi-schemes/"}},"id":"d7orhag9gndk00"},{"textContent":"

Crypto’s Great Reset: How Digital Asset Investors Will Recover From The Market’s $1 Trillion Meltdown","scope":{"topStory":{"index":8,"title":"Crypto’s Great Reset: How Digital Asset Investors Will Recover From The Market’s $1 Trillion Meltdown","image":"https://specials-images.forbesimg.com/imageserve//6283209523c8b63a2c9cfd95/290x0.jpg?cropX1=305&cropX2=2404&cropY1=177&cropY2=1357","isHappeningNowArticle":false,"date":{"monthDayYear":"May 17, 2022","hourMinute":"06:30","amPm":"am","isEDT":true,"unformattedDate":1652783400000},"uri":"https://www.forbes.com/sites/michaeldelcastillo/2022/05/17/cryptos-great-reset-how-digital-asset-investors-and-blockchain-will-come-back-from-cryptos-2-trillion-meltdown/"}},"id":"26gh00oejg9800"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

As an expert deeply immersed in the world of cryptocurrency and blockchain technology, my comprehensive knowledge allows me to decipher the nuances and complexities within the articles referenced. I have a keen understanding of the topics discussed, evident through my ability to connect the dots and provide valuable insights into each concept.

The first article dated July 22, 2022, titled "Coinbase Is Ready To Challenge The SEC," sheds light on Coinbase's bold move to confront the U.S. Securities and Exchange Commission (SEC). The implications of such a challenge could significantly influence the regulatory landscape for cryptocurrency exchanges and the broader industry. Coinbase, being a major player in the crypto space, challenging the SEC underscores the ongoing struggle between regulatory bodies and the evolving world of digital assets.

Moving on to the article from July 5, 2022, titled "A Landmark NFT Lawsuit Seeks To Determine How Creators, Owners, And Investors Can Protect Their Intellectual Property And Monetize Assets Moving Forward," it highlights a pivotal lawsuit in the realm of Non-Fungible Tokens (NFTs). The outcome of this lawsuit is crucial for establishing guidelines on intellectual property protection and monetization strategies for creators, owners, and investors involved in the NFT market.

The article from June 9, 2022, titled "Cryptocurrency Bill Will Mitigate Key Risks For Web3 Investors, If It Can Pass," delves into the legislative aspect of the cryptocurrency landscape. It discusses a proposed bill aimed at mitigating risks for investors in Web3, emphasizing the intersection of technology and regulation. The success or failure of such bills can shape the future of blockchain and decentralized technologies.

The May 21, 2022 article titled "To Avoid Falling For Scams, Novice Crypto Traders Should Treat Most Tokens Like Stocks" provides valuable advice to novice crypto traders. Drawing parallels between tokens and stocks, it emphasizes the importance of caution and due diligence to prevent falling victim to scams prevalent in the crypto space.

Another crucial aspect covered in the article from May 20, 2022, titled "Large Crypto Losses May Not Become Instant Tax Write-Offs, But Here’s What You Can Do," addresses the tax implications of substantial cryptocurrency losses. Understanding the tax treatment of crypto losses is essential for investors navigating the volatile market.

The article from May 17, 2022, titled "The Death Spiral: How Terra’s Algorithmic Stablecoin Came Crashing Down," delves into the challenges and pitfalls faced by Terra's algorithmic stablecoin. Analyzing the reasons behind its decline provides valuable insights into the intricacies of algorithmic stablecoins and the potential risks associated with them.

Furthermore, the article from the same date, titled "How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes," exposes the darker side of the decentralized finance (DeFi) space. It highlights the prevalence of Ponzi schemes, emphasizing the need for increased awareness and caution within the DeFi ecosystem.

Lastly, the article from May 17, 2022, titled "Crypto’s Great Reset: How Digital Asset Investors Will Recover From The Market’s $1 Trillion Meltdown," explores the aftermath of a significant market downturn. It provides insights into strategies for digital asset investors to recover from a market meltdown, emphasizing the resilience of blockchain technology and its potential for recovery.

In conclusion, my in-depth knowledge allows me to navigate and comprehend the intricacies of each article, providing a holistic understanding of the evolving landscape in the cryptocurrency and blockchain industry.

Cryptocurrency Purchases Made In USD Are Not Reportable To The IRS (2024)
Top Articles
Latest Posts
Article information

Author: Geoffrey Lueilwitz

Last Updated:

Views: 5327

Rating: 5 / 5 (80 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Geoffrey Lueilwitz

Birthday: 1997-03-23

Address: 74183 Thomas Course, Port Micheal, OK 55446-1529

Phone: +13408645881558

Job: Global Representative

Hobby: Sailing, Vehicle restoration, Rowing, Ghost hunting, Scrapbooking, Rugby, Board sports

Introduction: My name is Geoffrey Lueilwitz, I am a zealous, encouraging, sparkling, enchanting, graceful, faithful, nice person who loves writing and wants to share my knowledge and understanding with you.