Cryptocurrencies are a new and exciting investment asset, but when it comes time to pay taxes on them, things can get a little confusing. This is because the IRS has not released clear guidance on how to report crypto conversions on taxes. Fortunately, there are a few options available to taxpayers when reporting crypto conversions […]
How Is Crypto Mining Taxed
Cryptocurrency mining is the process by which new Bitcoin and other digital tokens are created. Miners are rewarded with cryptocurrency for verifying and committing transactions to the blockchain. Mining is a lucrative activity, and miners have flocked to locations with cheap electricity and cool climates to maximize their profits. However, cryptocurrency mining is also a […]
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How To Keep Track Of Bitcoin For Taxes
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million. As bitcoin becomes more popular, it is increasingly important for […]
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How Is Mined Crypto Taxed
Cryptocurrencies are mined by computers that solve complex mathematical problems. The miner who solves the problem first is rewarded with the cryptocurrency. Mining cryptocurrencies is a taxable event. The IRS considers cryptocurrencies to be property. This means that the value of the cryptocurrency at the time of mining is taxable income. The taxpayer must report […]
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How To Report Bitcoin Gains On Taxes
Bitcoin and other virtual currencies are gaining in popularity and value. As a result, there is a lot of confusion about how to report bitcoin gains on taxes. The good news is that, with a little bit of guidance, it’s not too difficult to figure out. In general, when you sell a bitcoin or any […]
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How To File For Crypto Taxes
The Internal Revenue Service (IRS) released guidance on how to report and pay taxes on cryptocurrency investments in March 2014. The guidance, Notice 2014-21, provides answers to a number of frequently asked questions (FAQs) from taxpayers, including: How is cryptocurrency treated for federal tax purposes? What are the tax consequences of receiving cryptocurrency as payment […]
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What Happens If You Don’t Report Crypto Taxes
Cryptocurrency taxation is a relatively new field, and as a result, there is a lot of confusion surrounding it. One of the most common questions is what happens if you don’t report your crypto taxes? The short answer is that you could face significant penalties from the IRS. If the IRS determines that you have […]
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What Happens If You Dont Claim Crypto On Taxes
Many people are wondering what will happen if they don’t claim their cryptocurrency on their taxes. The answer to this question is not simple, as there are many factors that could come into play. However, we can provide a few general insights into what could happen. If you do not report your cryptocurrency on your […]
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What Happens If You Don’t Report Crypto Gains
Cryptocurrencies are becoming more and more popular every day, with their values skyrocketing. This has led to many people becoming interested in investing in them, and as their values increase, so does the amount of money people are making. However, as with any investment, there are tax implications to consider. When it comes to cryptocurrencies, […]
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How Do You Pay Taxes On Crypto
Cryptocurrencies are becoming more and more popular, but many people don’t know how to pay taxes on them. This guide will explain how to do that. The first step is to figure out the fair market value of your cryptocurrency on the day you acquired it. To do that, you need to find a reputable […]
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