Key individuals and regulators in the crypto tax space clarified a variety of topics yesterday (Nov. 13, 2019) at the AICPA national tax conference in Washington, DC. Topics of clarification included the tax treatment around 1031 Like-Kind exchange, airdrops, specific identification, and FBAR reporting requirements.
Two days after the IRS released their updated and highly anticipated new cryptocurrency tax guidance in October of 2019, the agency circulated a draft of the new 1040 Schedule 1 for the upcoming 2019 tax season. On this new tax form, which will be filled out by all taxpayers in one way or another (aprox. 150 million), there is a check “yes” or “no” question at the very top:
Poloniex recently announced that it will be shutting down US operations and no longer provide services to US users. This guide discusses how you should prepare from both a trading and a tax reporting perspective.
For the first time since 2014, the IRS has issued new cryptocurrency tax guidance. This guide breaks down everything you need to know.
Paying for a good or service with crypto is a taxable event and you realize capital gains or capital losses on the payment transaction. These gains and losses need to be reported on your taxes.
In this guide, we explore cryptocurrency forks and the current best practices for handling them from a tax perspective.
This guide walks through exactly how cryptocurrencies like bitcoin are treated from a tax perspective. It will also demonstrate how software tools can be used to automate the entire tax reporting process.
This guide walks through CP2000, how cryptocurrency is treated for tax purposes, and what you can do about the CP2000 notice.
The IRS is beginning to crackdown on individuals who transacted with Bitcoin and other cryptocurrencies but did not report it on their taxes.
Cryptocurrency exchanges can't provide users with accurate tax documents. This guide breaks down why that is and discuss a solution
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.
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.
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
FIFO, LIFO, and HIFO costing methods explained. The new 2019 guidance officially declares that specific identification methods like LIFO (last-in first-out) or HIFO (highest-in first-out) can be used provided that you can specifically identify particular units of cryptocurrency.
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 guide walks through the fundamentals of paying taxes on Bitcoin and other cryptocurrencies
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.
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.
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.
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.