At this time, no. All virtual currencies are treated the same under current US tax laws.
Articles in this section
- Will you file my taxes for me?
- Where do I report the gain or loss on my tax return?
- How does the IRS view the exchange of virtual currency?
- What’s the rate at which my Virtual Currency gains will be taxed?
- What is the difference between FIFO and LIFO and why does it change my taxable income?
- I bought Virtual Currency but have yet to sell. Do I owe taxes on my holdings?
- When I buy Bitcoin and exchange it for Alt Coins – is that a like kind exchange?
- What are the types of transactions that will result in having to report income from virtual currency on my tax return?
- If I traded on an exchange for another currency, virtual or FIAT, and the funds stayed within the exchange, do I owe taxes?
- If I hold cryptocurrency on an exchange like Binance or Cryptopia, does that mean I have a foreign bank account?