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4 Common Challenges Tax Pros Face With Cryptocurrencies

4 Common Challenges Tax Pros Face With Cryptocurrencies
Photo Credit: fairy by Not Available is licensed under SVG Silh CC0 1.0
Cryptocurrency is treated as property for tax purposes in the U.S., not as currency.

As a result, the tax reporting requirements for cryptocurrency look very similar to traditional stock trading:  Owners incur capital gains and losses that must be reported on each taxable event.  However, due to the nature of cryptocurrency and how it is transacted with, complications arise for tax professionals.  This guide walks through the 4 most common challenges faced in cryptocurrency tax compliance.

1. Assigning cost basis
2. Loss of access to transaction data
3. Lack of clear regulation
4. Difficulties with cryptocurrency tax software

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