Virtual Currency Taxation (CPE Course)

CPE Credit: 1 hour

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $15

Course Description
Most virtual currency transactions involving a sale or exchange will have a taxable outcome. In the Virtual Currency Taxation course, we describe the basics of virtual currencies, and then delve into the cost basis of virtual currency, followed by the tax status of a number of virtual currency transactions. These transactions include virtual currency paid for services rendered, exchanges of property for virtual currency, charitable gift situations, and airdrop distributions. The course also covers IRS transaction recordation and reporting requirements.

Author: Steven Bragg

Course Number: TX1043

IRS Program Number: 72821-T-00064-23-S

Learning Objectives

  • Specify the characteristics of virtual currency.

  • Recall the characteristics of a cryptocurrency wallet.

  • Specify how the proof of work method functions.

  • Recall how virtual currencies are taxed when they are sold, exchanged, or otherwise disposed of.

  • Identify the self-employment tax issues related to virtual currency payments made in exchange for services rendered.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Taxation

Prerequisites: None

Advance Preparation: None

Latest Review Date: September 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.