24 – Virtual currency

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Transactions involving the use of virtual currency as a method of payment or exchange are generally considered barter transactions. As a result, there may be tax consequences if you:

  • use virtual currency to acquire goods or services;
  • convert it to monetary currency;
  • exchange it for another virtual currency; or
  • use it to make a donation.

Likewise, there may also be tax consequences if you engage in cryptocurrency mining.

To report income from using virtual currency or cryptocurrency mining, you need to determine whether it constitutes a capital gain (or loss) or business income (or loss). To help you do so, refer to guides IN-120-V, Capital Gains and Losses, and IN-155-V, Business and Professional Income.

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