Virtual Currency (or cryptocurrency)
Report a holding of a virtual currency and income from the virtual currency in Part 6.
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#
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Description
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EIF
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Value
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Income Type
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Income Amount
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1
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Bitcoin (Coinbase account)
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N/A
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$1,001 - $15,000
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None (or less than $201)
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2
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Litecoin (Poloniex account)
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N/A
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None (or less than $1,001)
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capital gains
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$1,001 - $2,500
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For You, Your Spouse, and Your Dependent Children
Part 6
Report virtual currency if the value of the virtual currency was more than $1,000 at the end of the reporting period or if more than $200 in income was received during the reporting period.
Description: Provide the name of the virtual currency and, if held through an exchange or platform, indicate the name of the exchange or platform on which it is held.
EIF: Select “N/A.”
Value: Report the value by selecting the appropriate category.
Income Type: Specify the type of income if the total amount of income received during the reporting period exceeded $200. Our understanding at the present time is that income from virtual currency should be reported as a capital gain. If factual circumstances or tax requirements differ, please discuss the reporting requirements with your ethics official.
Income Amount: Select the category corresponding to the total amount of income received during the reporting period.
Click Here for Frequently Asked Questions
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