October 15, 2020, marks a significant tax date for United States residents: it is the final extension deadline to submit tax returns for the 2019 tax year. If you use an exchange like Coinbase, chances are the IRS already knows you have touched crypto assets. Our team felt it would be helpful to put together a brief report on the current state of Crypto Taxation to help all our clients better understand this confusing and misunderstood part of crypto.
It’s important to note, Delphi Digital does not provide tax advisory services, and everyone should consult a tax specialist before making any financial decision. We leveraged our friends over at TokenTax and external accountants as resources to confirm the accuracy of the information presented within this report, which is non-exhaustive and should be used for informational purposes only.