You may have to report transactions with digital assets such as cryptocurrency and non fungible tokens (NFTs) on your tax return. Complete Form 8949 – You must report each cryptocurrency sale or exchange on IRS Form 8949, including the cost basis, sale price, and capital gain or loss.Below is a summary of what each state has done to regulate cryptocurrency and blockchain technology using its own authorities. This handy guide will give you a complete statebystate breakdown of cryptocurrency sales and use tax laws and regulations. The IRS treats cryptocurrency as "property. " If you buy, sell or exchange cryptocurrency, you're likely on the hook for paying crypto taxes. Companies and individuals are increasingly considering initial coin offerings (ICOs) as a way to raise capital or participate in investment opportunities. Lawmakers have introduced the Pennsylvania Bitcoin Strategic Reserve Act, which would enable the state treasury to hold Bitcoin on its balance sheet.