United States of America: IRS Memorandum on deductibility of cryptocurrencies with declining value under Internal Revenue Code
Progress
Current status
adopted
10 Jan 2023 adopted
Scope
Implementers
United States of America
Policy Area
Taxation
Policy Instrument
Direct taxes including Digital Service Taxes
Regulated Economic Activity
cross-cutting
Government Branch
executive
Government Body
central government
Implementation Level
national
Timeline of events
Issued memorandum 202302011 on the deductibility of cryptocurrencies for declining value under the Internal Revenue Code
On 10 January 2023, the Office of Chief Counsel of the Internal Revenue Service (IRS) of the United States issued Memorandum 202302011 on the deductibility of losses resulting from substantial reduction in value of cryptocurrencies under the Intern…
Event type
outline
Action type
adoption
Government branch
executive
Government body
central government