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Watch your wallets
If 2017 was the year crypto users got rich, in 2018, the taxman is coming to collect.
In our Crypto & Taxes 2018 opinion series, CoinDesk dives deep into the implications for buyers, speculators and HODLers in the U.S., breaking down the issues and trends that will be top of mind as we head toward April 15.
From beginner's guides to think pieces, our series aims to offer a broad overview, one filled with actionable insights and food for thought.
The views expressed are solely those of the authors.
Like elsewhere in crypto taxation, the rules for funds are far from straightforward, and discrepancies may lead to non-intuitive outcomes.
Read NowThe IRS' 2014 tax guidance may encourage cryptocurrency users to use unregulated foreign exchanges and use privacy coins like monero or zcash.
The tax treatment of hard forks in the U.S. is uncertain and the IRS should issue guidance addressing such issues, says a legal expert.
There's a lot of information to process, but ignoring it can be hazardous. The IRS is going to come after investors who are not reporting their gains.
Calculating tax exposure is always a data-heavy business process. With regular assets, this process is simple. In cryptocurrency, it's anything but.
For cryptocurrency traders, the ability to use like-kind exchange rules to avoid U.S. tax on trades is a bit of a “good news/bad news” story.
Active crypto traders can qualify for trader tax status (TTS) to deduct business and home-office expenses. And there might be an additional benefit.
If cryptocurrency gains acceptance as a means of exchange, it’s sure to raise the ire of governments hungry for revenue from sales taxes.
Cryptocurrency reminds us that tax and other rules need to be fluid, as inaction or inappropriate responses can halt or slow technological advances.
There is something extraordinarily cruel, crazy even, in the IRS’s approach of treating virtual currencies as property for tax purposes.
Most individuals with unreported cryptocurrency income have options available to mitigate and defend against civil penalties and criminal prosecution.
The prudent individual or business must keep up with regulation and develop a process to organize data related to trading cryptocurrency. Here's how.
U.S. income tax treatment of forks is unclear. A conservative approach would be to treat the receipt of new cryptocurrency as taxable ordinary income.
From depreciation of rig equipment to a second reporting and tax requirement after mined coins are sold, tax rules for miners can get complicated.
There has been no new cryptocurrency tax guidance from the IRS since 2014. Consequently, few investors fully understand how to treat 2017 gains.
A partnership finds two India-based startups seeking to provide tools to crypto users who may need to report gains and losses on their 2018 taxes.
The spreadsheet got more and more complicated, until one day it took two minutes to load.
There are several reasons to discount the contribution of tax-related selling to the Q1 bear market – and thus the chances of a post-April 17 rebound.
The ways governments tax cryptocurrency users may be unjust and due for reform, but simply ignoring the law for this reason is a dicey proposition.
Crypto holders willing to take a risk can file an extension, pay their taxes in installments with penalties and interest, and possibly come out ahead.
There is little guidance from the IRS on how to treat a token offering or SAFT for tax purposes. Determining how to do so is a fact-intensive process.
Tax pros in the cryptocurrency space are applying a hodgepodge of rules that historically have been applied to stocks, bonds and various other assets.
Like elsewhere in crypto taxation, the rules for funds are far from straightforward, and discrepancies may lead to non-intuitive outcomes.