Course Information

Course No:  9530322

Course Name:  Tax Treatment of Virtual Currency

Field of Study:    Tax Law Topic

Course Description:  

According to a survey done by the Pew Research Center whose results were published in November 2021, 16% of Americans indicated they personally have invested in, traded or otherwise used virtual currency. Additionally, the number of people investing in or engaging in transactions involving virtual currency continue to increase. These statistics strongly suggest that tax preparers must be aware of the nature of virtual currency and its tax treatment. This course provides that awareness.

Learning objectives: After completing this section, you should be able to:

  • Recognize the methods of obtaining and storing virtual currency;
  • Describe how transactions involving virtual currency work;
  • Understand the basic nature of blockchains.
  • Apply the existing U.S. tax laws to virtual currency transactions; and
  • Identify when and where to report taxable virtual currency events and transactions.
  • Identify the adjusted cost basis of virtual currency that is purchased, mined, or received as a gift;
  • Identify the adjusted cost basis of virtual currency that is Apply existing tax law to transactions involving virtual currency;
  • Recognize the tax treatment of virtual currency given as a charitable gift; and
  • Recognize the tax treatment given virtual currency when less than all is sold, exchanged, or otherwise disposed of.

Course Material: Online Material

Program level: Overview

Prerequisites: General understanding of federal income taxation.

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   2.0

Final examination expiration date:   The program participant will have one year from the date of purchase to complete the course and final examination.