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What Is the Implication of the Underlying Asset (Crypto) Being Treated as Property?

The IRS treats cryptocurrency as property, not currency. This means that every time a crypto asset is sold, exchanged, or used to pay for goods/services, it is a taxable event.

The gain or loss is calculated based on the difference between the fair market value at the time of the transaction and the cost basis of the crypto.

How Does the Taxation of Rebase Tokens Differ from Other Cryptocurrencies?
What Is the Legal Implication of a Token Being Deemed a “Hybrid Token”?
What Is the Financial Risk of an Unvested Token Being Treated as a ‘Naked’ Position?
How Does the Use of Collateral (E.g. Stablecoins) in DeFi Futures Affect Tax Basis?