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Regulation around crypto is still evolving, and understanding how these assets can impact your finances — such as Social Security payments — can be tricky to understand.
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The Internal Revenue Service (IRS) has stated that for federal tax purposes, virtual currency is treated as property: “General tax principles applicable to property transactions apply to transactions using virtual currency.”
In turn, this means that capital gains and losses need to be reported and will generally have a consequence on your taxes.
Now when it comes to Social Security benefits, having crypto can become a bit more complicated.
According to the Social Security Administration (SSA) crypto can be either “earned” or “unearned”…
