What Is MemeCore (M)?
MemeCore is a cryptocurrency with the symbol M. For US federal tax purposes, digital assets are treated as property.
Tax Classification & Status
The IRS classifies M as property. Each transaction involving M can trigger capital gains or losses.
How to Track M Transactions
To properly track M transactions, record the date, amount, and USD value at the time of each transaction. This information is crucial for calculating gains or losses.
Common Tax Mistakes with M
❌ Not tracking all M transactions
Why
Missing acquisition and disposal records can lead to an incorrect gain or loss.
⚠️ Potential Cost
Incorrect cost basis can overstate or understate your tax.
How to Get M
M can be acquired on major cryptocurrency exchanges. When acquiring M, the basis depends on how it was acquired. Purchases generally use cost in US dollars; income, gifts and other acquisitions can follow different rules.
How to Report M on Your Taxes
Report capital-asset disposals of M on Form 8949 and Schedule D as applicable. Crypto received as income is reported separately on the form appropriate to that income.Frequently Asked Questions
Is M taxable?▼
For US federal tax, selling, swapping or spending crypto can trigger a gain or loss. Simply holding it, buying it with cash, or moving it between your own wallets generally does not; paying a fee in crypto can be a separate disposal.
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