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…
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…
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…
Next Monday, April 18th, is the deadline for filing 2015 US personal tax returns. However, if you don't think you can get everything ready in time, you can always file for an extension that allows you to delay your tax return until October 15th. File for an Extension This is…
Filing taxes the first time when you have sold or spent Bitcoins can be a confusing, sometimes daunting, experience. Suddenly you aren't quite sure what goes where. Do I have to report spending? Do I have to report coins I own? What kind of income is it? What about my…