Not All Digital Asset Events Are Taxable

A substantial loss in the value of cryptocurrency is not a taxable event without something happening…proof of worthlessness, abandonment, or an actual sale at a loss. Conversely, a protocol upgrade…from proof-of-work to proof-of-stake… is not a taxable event because there’s no “accession to wealth.” Tax rules for digital assets is continually evolving.  #IdeaoftheDay