Demystify Crypto Taxes
Losing crypto from exchange shutdowns, wallet hacks, scams, and other events are unfortunately common in the world of cryptocurrency today. From a tax perspective, these events are not all treated the same, and it largely depends on the specifics of the circumstances. This guide walks through the most common forms of theft and crypto losses and the possible ways to treat them from a tax perspective in the U.S.
Binance recently announced that it will block all cryptocurrency exchange services to users in the US in the future. This guide describes how you should prepare for the loss of access from both a trading and a tax compliance perspective.
Many tax professionals are having to learn about the world of cryptocurrencies and how they are taxed as their clients have increasingly started to invest, trade, and transact in the digital asset.
When it comes to doing your Binance taxes and building out your required Binance tax forms, many challenges arise. This article dives into the issue and explains the easiest way to build out your required Binance tax forms.
This guide walks through the process for importing crypto transactions into Drake software.Drake accounting software is a widely used platform for tax professionals preparing tax returns on behalf of their clients. With the growth in popularity of bitcoin and other cryptocurrencies, many tax professionals find themselves wondering how to import their clients crypto transactions into the platform.
Cryptocurrencies like bitcoin and ethereum have grown in popularity over the past five years. This article walks through how cryptocurrency is taxed and what you need to understand so that you can stay compliant
Application program interfaces (API’s) provide a way for one system to interact with another. In the case of cryptocurrency, API’s are often used as a way to interact with cryptocurrency exchanges. Many complementary businesses and tools have been built allowing users to connect to these exchange API’s like portfolio trackers, crypto trading bots, tax software tools, and many more.
This guide walks through how to create your first tax report within CryptoTrader.Tax. To create an accurate tax report, CryptoTrader.Tax needs your historical buys, sells, and other transaction data from every crypto exchange you have used. Without all of your transaction data from all years of transacting with cryptocurrency, the application will not have the necessary information needed to create reports.
Depending on how many cryptocurrency trades you made during the year, CryptoTrader.Tax may automatically consolidate your 8949 form into a single line. This is in accordance with section 2 of the IRS 8949 instructions, and will happen for those that have many trades (see example of consolidated 8949 below).
You can easily file your bitcoin and crypto taxes with popular tax filing software TaxAct by importing your crypto tax reports from CryptoTrader.Tax. This guide walks through the step by step process, so that you can quickly file your cryptocurrency transactions.
FIFO and LIFO costing methods explained. When calculating your capital gains and losses for your cryptocurrency transactions, you need to use a consistent costing method. The most conservative and universally accepted method in the world of cryptocurrency taxes is first-in-first-out (FIFO).
Bitcoin loans are becoming popular amongst crypto investors who are looking for liquidity without having to sell their crypto. Using crypto as collateral is a great way to do things like buy a house, fund a business, or pay off high-cost debt. Additionally, there can be tax benefits to borrowing crypto
Cryptocurrency received from mining is treated in two ways for tax purposes.This article breaks down each of these two taxable events and explains the implications of reporting your crypto and bitcoin mining transactions on your taxes.
This article breaks down taxable events and explains when you do or do not owe capital gains tax on your cryptocurrency transactions.
This article breaks down why Coinbase taxes are so problematic and often times completely inaccurate for users
This article walks through six strategies that can be used to decrease your crypto tax liability
A list of the most common mistakes that we see made when doing crypto taxes
This checklist runs through everything that you need in order to easily complete your crypto taxes.
This article walks through the process of filing your cryptocurrency taxes through the online version of TurboTax
Turbotax is now offering tax support for Bitcoin and other cryptocurrencies through their partnership with leading crypto tax software company, CryptoTrader.Tax.
This guide walks through the fundamentals of paying taxes on Bitcoin and other cryptocurrencies
Charting tools, decentralized exchanges, news aggregators, ICO information, and every resource you need for your crypto trading.
I used CryptoTrader.Tax this year to automate the whole process. In this article, I am going to detail exactly how I filed my crypto taxes using the platform.
This article provides a comparison of how rebalancing performs when compared to holding as they relate to crypto portfolios
Professional tools to automate your crypto trading strategy.
Does the Report of Foreign Bank and Financial Accounts (FBAR) apply to Cryptocurrency? This is a popular question within the crypto tax community to which no one has a definite answer.
This article addresses the current state of cryptocurrency tax laws and outlines the most important elements that you need to be aware of as a market participant.
What do you do with your 1099-K that you received from Coinbase? This article addresses how to handle the necessary tax forms you need for your crypto taxes
This article discusses how to handle your losses and the important things that you need to keep in mind for your crypto taxes.
This guide breaks down the fundamentals of Bitcoin taxes and walks through the reporting process in the United States.
Crypto taxes are the ultimate Wild West right now. Here are six things that you should be aware of before forking over thousands of dollars to a CPA for your crypto taxes.
This guide highlights the benefits and shows you how to get started with the most popular crypto trading tools.
A lot of crypto investors and traders are nervous about winding up with an audit and tax bill years down the road that they can't afford. The best solution to this is to simply be proactive.
There are many different charting solutions on the market, but these three were the best we could find in terms of feature sets, ease of use, and exchange integration.
This article dives into the specifics behind reporting your crypto transactions on your taxes. If you are reading this, you are probably a crypto-trader or enthusiast concerned with the process of paying taxes on your trading activity.
Crypto trading bots are tools used by traders to take the fear and emotion out of their trading.
There are a number of things to keep in mind when you are calculating your cryptocurrency taxes. Buying cryptocurrency with USD is not considered a taxable event.
If you were stuck calculating your gains and losses by hand this past tax season, you know first-hand how difficult it is to find historical price data for all of your trades.
This guide breaks down everything you need to know about cryptocurrency taxes so that you aren’t caught unprepared when tax season roles around.
The most commonly asked crypto tax questions all answered in one place.