Accepting rent in cryptocurrency

[Susan H.]

Heads up for landlords who accept rent payments in cryptocurrency. Quoting a recent news report (link at bottom of post): "The existing guidance, IRS Notice 2014-21, said that for the purposes of federal taxation, virtual currency is property. When a user purchases cryptocurrency at a given price and then later trades it away — whether by buying a coffee or by selling it on an exchange — the sale is subject to capital gains tax because it is considered property.Failing to report the transaction to the IRS could expose the user to criminal and financial penalties."
See more at https://www.cnn.com/2019/07/26/tech/irs-cryptocurrency-taxes/index.html