Most cryptocurrency taxes are based on any capital gains you have from trading crypto: how much you made, minus how much you spent. But what if you made less than you initially spent — what if you only have losses? Obviously, you won’t be taxed on a negative amount of…
Most of the time, acquiring cryptocurrency is not in itself a taxable event: It’s only when you sell the crypto for fiat, trade it for another type of coin, or use it purchase something that you have a taxable event to report. However, there are several situations where cryptocurrency…
Even with the best coin tracking tools, sometimes you simply don’t have the time to build an accurate cryptocurrency report for your tax return. Or perhaps you have questions about your report and want to make sure it’s 100% correct before handing it off to the IRS. Bitcoin.…
The IRS opened e-filing for US taxpayers on January 27, 2020, and you can now use a number of free and paid online services to file taxes. Crypto users have seen a mixed year of gains and losses, depending on if, and when, trading was done through the year. Whether…
The IRS has issued their long-awaited guidance on the tax treatment for cryptocurrencies. You can read their FAQ On Virtual Currency Transactions on the IRS website. This is the first official guidance since the original 2014-21 notice in April 2014. tl:dr; Crypto is still subject to capital gains. Airdrops…