John L. Varga
  • March 11, 2024

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MPI’s John Varga authored an article  Cryptocurrencies: An Appraisal Refresher for Trusts and Estates Professionals published in the recent Winter 2024 WealthCounsel Quarterly publication. The article provides some valuable insight on the reporting requirements and methodologies for appraising cryptocurrency for tax reporting purposes.

In the Trusts & Estates space, MPI has seen an increasing number of appraisal projects that involve cryptocurrency. John’s article touches on MPI’s experiences in the areas where these projects typically originate: charitable gifting, estate tax filing, and intra-family gifts and sales. The article discusses how the regulatory environment influences cryptocurrency appraisals in terms of documentation and valuation methodologies. Readers are cautiously reminded that, regardless of the specific purpose of the appraisal, appraisers must ensure their work meets the standards of IRS appraisal guidelines as well as comporting with various IRS guidance notices, while staying mindful of any applicable CCA (Chief Counsel Advice) memorandums.

Read John’s full article here.