Deloitte and Bloomberg Tax & Accounting have teamed up to release a guide to provide clear guidance on complex tax issues involving digital assets. The Tax Management Portfolio Taxation of Cryptocurrency and Other Digital Assets, No. 190-2nd is now available on the Bloomberg Tax Research platform and has been described as the ultimate guide to the tax treatment of digital assets.
What’s Happening & Why This Matters
This publication offers a detailed analysis of the U.S. federal income taxation of digital assets, including cryptocurrencies. It addresses various digital asset transactions and provides a comprehensive resource for tax professionals. Some key highlights of the publication include:
- Analysis of the classification of digital assets for tax purposes
- Overview of the digital asset ecosystem, tax guidance, and accounting treatment
- Tax implications of using, dealing, trading, and investing in digital assets
- Potential consequences of activities and transactions undertaken by investment entities, information reporting standards, and select international and state tax considerations
TF Summary: What’s Next
The Tax Management Portfolio serves as a valuable reference for digital assets taxation, contributing to the growing discussion on cryptocurrency and other digital assets taxation. Users will find relevant authoritative tax frameworks and guide to navigate complexities effectively.