Benjamin Franklin famously declared that paying taxes was one of the two certainties in life. Fortunately, the other certainty, death, is a little less morbid. The Beatles sang "I'm the taxman and you're working for no one but me." Over the past two centuries, large political movements have risen and fallen based on radically reforming the American tax code, but one thing remains constant: Everyone pays the taxman.
Given the radically new nature and anonymous characteristics of cryptocurrencies, buyers and sellers of this new asset class may have believed they were exempt from one of life's certainties but, sadly, this is not the case. In fact, for U.S. cryptocurrency owners, there are several things to know about the tax implications of buying and selling their favorite virtual currency.
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