How to tax Bitcoin Cash (BCH)

On 1st August 2017, a new Bitcoin fork was created called Bitcoin Cash. Starting from block 478558, the Bitcoin blockchain split to be the Bitcoin (BTC) and the Bitcoin Cash (BCH) forks. Anyone who held BTC before the fork are able to receive the equivalent amounts of BCH. BCH can…

DASH

The latest update of BitcoinTaxes now has address support for DASH. DASH (previously DRK) could always be used when adding trades, income and spending. Adding or importing mining transactions used DASH/USD and DASH/BTC price lookups for calculating fiat amounts. With this update DASH has been added into the…

Common Questions about Bitcoin and Taxes

We're way into the new tax filing season for 2016 with taxes due by Tuesday, April 18 2017. 2016 saw an increase in the price of BTC from $430 to $1,000. Many people will likely have capital gains this year from selling or spending any coins. Here are some…

TIGTA Report on IRS strategy for income from digital currencies

On September 21, 2016, the Treasury Inspector General for Tax Administration (TIGTA) released its report on the IRS on how they have dealt with digital currencies (virtual currencies). The report can be found here: https://www.treasury.gov/tigta/auditreports/2016reports/201630083fr.pdf The purpose of the report was to…

How Bitfinex Losses Are Taxed

Bitfinex, one of the more popular Bitcoin and digital-currency exchanges, recently suffered a security breach where they reported nearly 120,000 Bitcoins were stolen, a loss of around $70m. While they are working on restoring their operational website, initially with limited functionality, they have already decided on the approach for…