Year End Planning for Crypto Speculators

I recently received a message from a former colleague regarding end of year tax planning for their cryptocurrency portfolio. As I’ve written previously, the jury is still out as to whether crypto is viable as a store of value and medium of exchange – two defining characteristics of currency. While those arguments likely won’t be settled in the near future, what’s clear is that the IRS is continuing to prioritize accurate and timely reporting of taxable gains related to cryptocurrency, and this trend will likely continue in 2019.