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Tax information for Bitcoin and other crypto-currencies

Tax information for Bitcoin and other crypto-currencies.
[link]

Summary of the new IRS guidelines (TLDR include)

Hey all - I know there's a dozen posts about the new crypto tax deadlines - so apologies for making it a dozen plus one.
Full disclosure, I work for Bitcoin.Tax, where this article was published. I've included the link to our summary, as well as our actual summary. Also - I'll be talking with a crypto tax pro on our podcast about these guidelines soon. I usually post links to our podcast on this subreddit, so stay tuned (if you want...) for that in the next few days. Hopefully this helps some folks, as parts of the new guidelines are fairly ambiguous.
Link: https://bitcoin.tax/blog/irs-crypto-tax-faq/
TLDR:
Generally, this is the same as the advice and common practice used by taxpayers and accountants. Although, the exception here is the clarification of the specific identification rule. We'll talk about that below.
Summary:
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.

IRS Cryptocurrency Tax FAQ

We have gone into more detail for some of the main points in their FAQ.

Hard forks and airdrops

Despite peculiar wording by the IRS, they have confirmed that receipt of crypto from an airdrop or fork is to be treated as income, and so subject to income tax.
ordinary income equal to the fair market value of the new cryptocurrency when it is received, which is when the transaction is recorded on the distributed ledger, provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency
However, these drops typically have no market (perhaps a futures market) until they have existed for a period of time, so establishing a value could be difficult. It is possible that the value could be zero right at that exact moment it is recorded on the distributed ledger.
In order to receive income, you must have dominion and control over these new crypto. This effectively means you must be able to manage it; typically you would have the private keys or it is immediately available in a custodial wallet or online account, e.g. Coinbase.
If the crypto doesn't appear in your wallet, or you don't get control of it until a later date, then that later date is used to calculated the USD income value.
This had been a common question among crypto traders: if BTC was forked off into a new "BTC" coin, which you might not even have been aware of, do you still have income? The answer is no. Unless, you subsequently get access to those new coins, in which case you do have income on the date you receive control.
When you have income for an airdrop or fork, this also sets the cost basis (value and date) for any subsequent capital gains calculations.

Fair Market Value (FMV)

FMV is used to give something a value, i.e. what it's worth. If you list a bike for sale, you might research the prices for which other people are selling. Those prices give a FMV. But it you sell your bike and someone buys it for $100, then the bike's FMV was $100.
With crypto, sometimes we need to know FMV because we are not trading directly for dollars.
For example, if you sell 1 BTC for 150 LTC, you are disposing of the 1 BTC at FMV. You need to know the USD value in order to know the proceeds and to calculate any capital gains or losses.
So, first, if this was traded on an exchange, we use the spot price on the exchange at that time. This is true even if the transaction was off-chain.
However, where no FMV exists, such as a peer-to-peer transaction, then you have to get the value from elsewhere.
So, secondly, use the FMV of the service or product you are exchanging. With the above bike example, say buying it with crypto, the FMV would be that of the bike itself (the price it would have sold for USD).
Lastly, when no value can be obtained, then use a service that provides a consistent worldwide indices value (the IRS are calling this an "explorer" but that is a confusing term as blockchain explorers may not provide a USD value). If you do not use an "explorer" value, you can use an "accurate representation of the cryptocurrency's market value". Much like with fiat, this means using an establish and consistent source.

FIFO and Specific Identification

Advice from most tax preparers and accountants has been to err on the side of caution and go with First-In First-Out (FIFO). Basically, if you bought 1 BTC for $9,000 and later another for $10,000, when you come to sell 1 BTC (or partial) you would use the cost of the first 1 BTC that you had acquired.
This is the default IRS cost basis method and would not be challenged.
Some taxpayers had filed using specific identification, where FIFO was not used and instead the "lot" that was sold was chosen from their wallets. Summary strategies could also be employed, such as Last-In First-Out (LIFO), where the basis of the most recently acquired crypto is used instead.
These other strategies, such as last-in first-out, closest-cost or lowest-cost, often try to minimize the gains per transaction and defer them until later.
This is the biggest change in the new IRS guidance and confirms that specific identification can be used. However, you must be able to document this, which the IRS describes as:
You may identify a specific unit of virtual currency either by documenting the specific unit’s unique digital identifier such as a private key, public key, and address, or by records showing the transaction information for all units of a specific virtual currency, such as Bitcoin, held in a single account, wallet, or address.This information must show (1) the date and time each unit was acquired, (2) your basis and the fair market value of each unit at the time it was acquired, (3) the date and time each unit was sold, exchanged, or otherwise disposed of, and (4) the fair market value of each unit when sold, exchanged, or disposed of, and the amount of money or the value of property received for each unit.
There is no guidance if any extra information should be reported, but it is generally the same information that is added to the 8949 form where capital gains are reported.

Gifts and Donations

Similar to gifts of stocks or property, the rules regarding cost basis have remained unchanged. Received gifts are not immediate income but you do still recognize an capital gains income when you later come to sell, exchange or dispose of the cryptocurrency.
You can use the original basis (with documentation) from the giver in order to make use of long-term gains. However, your received basis becomes the lesser of the giver's cost basis and the FMV of the gift on the date you received it. This is to prevent from gifting losses. Also, if you do not have documentation showing the gift cost basis, then your basis is zero, i.e. you must declare 100% as capital gains.
Donations to registered charities do not recognize income, gains or losses. The value of your charitable donation is the FMV on the date of the gift if you have held the crypto for more than a year. For a year or less, it is lesser of the crypto's cost basis or its FMV on the day of the gift.

What was not mentioned

There are still some key questions and ambiguities that tax professionals have been looking for clarification. For instance, with hard forks and airdrops, if you have the private keys but no software, does that count as control?
Airdrop and forks generally have no markets when they are created, so is there a zero FMV? And should you take the value only when you exercise control?
Can specific identification be used at will or must it be done consistently?
Were 1031 "like-kind" exchanges ever a valid approach before 2018?

Guidance is retroactive

Finally, be aware that IRS guidance is always retroactive, unless otherwise stated, and so should be applied to past and future crypto transactions. If you have not followed these rules then you should consult with your tax professional and may need to file an amendment.
---

Edit:
According to BitcoinTaxesMe:
I clarified a couple of the not mentioned ones with the IRS verbally yesterday. This isn't official guidance, but some insight into what the IRS is thinking:
"For instance, with hard forks and airdrops, if you have the private keys but no software, does that count as control?"
If you the software exists and you don't install it, but could have, it's income, even if installation presents a security risk.
"Airdrop and forks generally have no markets when they are created, so is there a zero FMV? And should you take the value only when you exercise control?"
There's no income recognized until you both have control and there's a way to sell it. So there's no way to take a zero basis, as soon as a market appears it triggers the 2nd prong.
I personally think both of these are insane.
submitted by Sal-BitcoinTax to BitcoinMarkets [link] [comments]

Summary of the new IRS guidance

Link: https://bitcoin.tax/blog/irs-crypto-tax-faq/
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;


Generally, this is the same as the advice and common practice used by taxpayers and accountants. Although, the exception here is the clarification of the specific identification rule. We'll talk about that below.

IRS Cryptocurrency Tax FAQ

We have gone into more detail for some of the main points in their FAQ.

Hard forks and airdrops

Despite peculiar wording by the IRS, they have confirmed that receipt of crypto from an airdrop or fork is to be treated as income, and so subject to income tax.
ordinary income equal to the fair market value of the new cryptocurrency when it is received, which is when the transaction is recorded on the distributed ledger, provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency
However, these drops typically have no market (perhaps a futures market) until they have existed for a period of time, so establishing a value could be difficult. It is possible that the value could be zero right at that exact moment it is recorded on the distributed ledger.
In order to receive income, you must have dominion and control over these new crypto. This effectively means you must be able to manage it; typically you would have the private keys or it is immediately available in a custodial wallet or online account, e.g. Coinbase.
If the crypto doesn't appear in your wallet, or you don't get control of it until a later date, then that later date is used to calculated the USD income value.
This had been a common question among crypto traders: if BTC was forked off into a new "BTC" coin, which you might not even have been aware of, do you still have income? The answer is no. Unless, you subsequently get access to those new coins, in which case you do have income on the date you receive control.
When you have income for an airdrop or fork, this also sets the cost basis (value and date) for any subsequent capital gains calculations.
Bitcoin.Tax already looks up any current value, if known, for forks or airdrop symbols when they are added to the Income tab, otherwise a zero basis is used.

Fair Market Value (FMV)

FMV is used to give something a value, i.e. what it's worth. If you list a bike for sale, you might research the prices for which other people are selling. Those prices give a FMV. But it you sell your bike and someone buys it for $100, then the bike's FMV was $100.
With crypto, sometimes we need to know FMV because we are not trading directly for dollars.
For example, if you sell 1 BTC for 150 LTC, you are disposing of the 1 BTC at FMV. You need to know the USD value in order to know the proceeds and to calculate any capital gains or losses.
So, first, if this was traded on an exchange, we use the spot price on the exchange at that time. This is true even if the transaction was off-chain.
However, where no FMV exists, such as a peer-to-peer transaction, then you have to get the value from elsewhere.
So, secondly, use the FMV of the service or product you are exchanging. With the above bike example, say buying it with crypto, the FMV would be that of the bike itself (the price it would have sold for USD).
Lastly, when no value can be obtained, then use a service that provides a consistent worldwide indices value (the IRS are calling this an "explorer" but that is a confusing term as blockchain explorers may not provide a USD value). If you do not use an "explorer" value, you can use an "accurate representation of the cryptocurrency's market value". Much like with fiat, this means using an establish and consistent source.
Bitcoin.Tax already uses the exchange price data wherever possible, but otherwise combines crypto pricing for multiple worldwide sources to calculate a FMV.

FIFO and Specific Identification

Advice from most tax preparers and accountants has been to err on the side of caution and go with First-In First-Out (FIFO). Basically, if you bought 1 BTC for $9,000 and later another for $10,000, when you come to sell 1 BTC (or partial) you would use the cost of the first 1 BTC that you had acquired.
This is the default IRS cost basis method and would not be challenged.
Some taxpayers had filed using specific identification, where FIFO was not used and instead the "lot" that was sold was chosen from their wallets. Summary strategies could also be employed, such as Last-In Last-Out (LIFO), where the basis of the most recently acquired crypto is used instead.
These other strategies, such as last-in first-out, closest-cost or lowest-cost, often try to minimize the gains per transaction and defer them until later.
This is the biggest change in the new IRS guidance and confirms that specific identification can be used. However, you must be able to document this, which the IRS describes as:
You may identify a specific unit of virtual currency either by documenting the specific unit’s unique digital identifier such as a private key, public key, and address, or by records showing the transaction information for all units of a specific virtual currency, such as Bitcoin, held in a single account, wallet, or address. This information must show (1) the date and time each unit was acquired, (2) your basis and the fair market value of each unit at the time it was acquired, (3) the date and time each unit was sold, exchanged, or otherwise disposed of, and (4) the fair market value of each unit when sold, exchanged, or disposed of, and the amount of money or the value of property received for each unit.
There is no guidance if any extra information should be reported, but it is generally the same information that is added to the 8949 form where capital gains are reported.
Bitcoin.Tax already provides automatic calculations using multiple specific identification strategies so you can choose your cost basis lots. Navigate to the Calculate tab and you can see the values for each crypto you have traded.

Gifts and Donations

Similar to gifts of stocks or property, the rules regarding cost basis have remained unchanged. Received gifts are not immediate income but you do still recognize an capital gains income when you later come to sell, exchange or dispose of the cryptocurrency.
You can use the original basis (with documentation) from the giver in order to make use of long-term gains. However, your received basis becomes the lesser of the giver's cost basis and the FMV of the gift on the date you received it. This is to prevent from gifting losses. Also, if you do not have documentation showing the gift cost basis, then your basis is zero, i.e. you must declare 100% as capital gains.
Donations to registered charities do not recognize income, gains or losses. The value of your charitable donation is the FMV on the date of the gift if you have held the crypto for more than a year. For a year or less, it is lesser of the crypto's cost basis or its FMV on the day of the gift.
Bitcoin.Tax reports already splits out the basis for any gifts or donations that you make, which can be given to the recipient to provide them with the information they will require.

What was not mentioned

There are still some key questions and ambiguities that tax professionals have been looking for clarification. For instance, with hard forks and airdrops, if you have the private keys but no software, does that count as control?
Airdrop and forks generally have no markets when they are created, so is there a zero FMV? And should you take the value only when you exercise control?
Can specific identification be used at will or must it be done consistently?
Were 1031 "like-kind" exchanges ever a valid approach before 2018?

Guidance is retroactive

Finally, be aware that IRS guidance is always retroactive, unless otherwise stated, and so should be applied to past and future crypto transactions. If you have not followed these rules then you should consult with your tax professional and may need to file an amendment.
submitted by Sal-BitcoinTax to bitcointaxes [link] [comments]

Brief guide to calculating your capital gains and losses.

Hey all - full disclosure, I work for Bitcoin.Tax , which is the source of this information. Since Tax Day in Canada is approaching, I wrote up a quick guide to calculating your capital gains from trading/utilizing/selling crypto. We've been in the business of crypto taxation a long time, and we've been supporting Canadian users since 2014.
The full article has information about using Bitcoin.Tax to calculate your capital gains/losses, if anyone is looking for a software to use. Otherwise, feel free to utilize the information below to understand crypto capital gains a bit better. I know there are a lot of knowledgeable people here, so if I've missed the mark on anything, let me know (all info was sourced from official material).
Full Article Link
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In Canada, Bitcoin and cryptocurrencies are considered commodities by The Canada Revenue Agency (CRA). The CRA treats cryptocurrency trades as barter transactions, which makes them subject to the income tax.
The gains and losses from these trades must be reported when filing your taxes, where most individuals would report these figures on their Schedule C. If your cryptocurrency trading is considered a "business", it may be taxed as income. It's always best to confer with a tax professional to determine what your trading constitutes.
Official information about capital gains taxation can be found on the Government of Canada's Website.
The normal deadline for tax reporting in Canada is April 30.

Taxable Events

A taxable event refers to any type of cryptocurrency transaction that results in a capital gain.
Here are the primary ways in which your cryptocurrency could result in a capital gain:
Variations of these events can also result in a taxable event occurring (i.e., trading with coins acquired from a fork/split or buying something with crypto that you received for services rendered).
Buying a cryptocurrency with fiat is not, in itself, a taxable event. A taxable event occurs once the crypto is disposed.

Capital Gains = Proceeds — ACB - Fees
ACB refers to "Adjusted Cost Basis", which is how much your coin cost to acquire, plus any expenses associated with it. Adjusted Cost Basis averages together all of your acquisition costs of a specific coin in order to calculate a cost basis.
For example, if you buy 1 BTC for $3,000, 1 BTC for $5,000, and 1 BTC for $10,000, your adjusted cost basis for your BTC would be $6,000. If there were fees associated with those buys, they would also be added to the cost basis.
Proceeds are determined by the value of the crypto, service, or fiat you received, at the time of the coin's disposition. Fees refers to amounts incurred to sell your coin.
Your capital gain or loss on crypto is determined by taking the proceeds from the disposed (i.e., traded or sold) coin and subtracting the coin's adjusted cost basis.
For example, if you acquired 1 BTC for $5,000, plus paid a fee of $100, the adjusted cost basis of your 1 BTC would be $5,100. If you later sold that 1 BTC for $6,000, you would realize a capital gain of $900 ($6,000 - $5,100).
If you did one or two trades throughout the year, it's not too difficult to determine how much of a capital gain has been realized. However, most people have a lot more than one or two trades, which makes manually calculating your gains extremely difficult.

Mining Crypto

The tax treatment for mining cryptocurrency is established on a case by case basis. If the mining being done constitutes a "business activity", it is taxed as income. If it constitutes a hobby, it is taxed differently. It is best to consult with a tax professional to assess whether your mining constitutes a business activity or a hobby.

Superficial Losses

If you realize a capital loss when trading or selling capital property, you can use it to offset capital gains you have elsewhere to lower your taxes. To deter abuse of this rule, the CRA enforces a superficial loss rule on capital losses. If you have a superficial loss, it cannot be used as a deduction against your taxable income.
A superficial loss occurs when you dispose of a cryptocurrency for a loss and then you (or, even someone affiliated with you, like a spouse or a dependent) buys the same cryptocurrency in the surrounding 61 day period (30 days before AND 30 days after the sale).
For example, let's say you have 2 BTC, and then you sell 1 of those BTC at a loss. If that 1 BTC was purchased 30 days prior to the sale, the loss would be superficial. Or, if after selling the 1 BTC, you bought another BTC within 30 days, the loss would also be considered superficial.

Capital Gain Rates

For individuals, the amount of capital gains tax owed is 50% of your capital gains, based off the Inclusion Rate. If your primary source of income is from trading crypto, your gains may subject to a different rate - it is best to consult with a tax professional if you are unsure.

Foreign Property Reporting

Cryptocurrency likely falls under the CRA reporting requirements for "specified foreign property". Given this, if the cost of the cryptocurrency exceeds $100,000 anytime throughout the year, it needs to be reported on form T1135.
This post is for informational purposes only and not intended as tax or financial advice. Please speak with your own tax professional on how you should treat the taxation of your own cryptocurrencies given your own circumstances.
submitted by Sal-BitcoinTax to BitcoinCA [link] [comments]

The IRS just sent letters to over 10,000 crypto users who haven't paid their crypto taxes.

We've just put up a blog post about this here, and we'll be talking with Alex Kugelman on our podcast next week about what this means and how to handle it if you received a letter. If anyone has any specific questions they would like us to ask Mr. Kugelman, drop them here.
Summary:
The IRS has begun sending out educational letters to more than 10,000 cryptocurrency users reminding them that they need to be including their crypto capital gains and losses on their tax forms.
The users have been collected from various compliance measures, including the collection of records from Coinbase after their summons from the IRS in 2018 for 13,000 customer records.
The IRS letters will be referenced as 6173, 6174 or 6174-A, and strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
This will include reference to previous guidance in Notice 2014-21 that clarified that cryptocurrencies was to be treated as property and so subject to capital gains.
It will also note that taxpayers may have a requirement to amend prior year tax returns to include any cryptocurrency transaction and report the capital gains or losses, which may increase their tax liability. This is especially true for the 2017 tax year that saw large increases in Bitcoin and other crypto prices and record annual gains.
Since Bitcoin and other cryptocurrencies are subject to capital gains, taxpayers are responsible for calculating and reporting their gains. There is no de minimis as with fiat currencies and so all transactions must be included. This is often a record-keeping burden on tax payers, as cost basis is not always known when crypto is moved between wallets.
submitted by Sal-BitcoinTax to bitcointaxes [link] [comments]

The IRS Is Cracking Down on Investors… Here’s What You Need to Know About Paying Bitcoin and Crypto Taxes

The IRS Is Cracking Down on Investors… Here’s What You Need to Know About Paying Bitcoin and Crypto Taxes
As 2019 comes to a close, the 2020 tax season is upon us, which means that it is time once again for traders, investors, and business owners to calculate their capital gains and report their income and profits to the government.
One big mistake that many crypto traders have made in the past was reporting their earnings incorrectly or failing to report at all. Although there is a common misconception that Bitcoin is anonymous, the recent crackdown that took place earlier this year, in which the IRS sent letters to over 10,000 people asking them to pay back taxes, demonstrates the need to file properly. Even entities outside of the U.S., such as the U.K.’s HMRC, are taking further steps to ensure tax compliance.
That said, recent changes to cryptocurrency tax guidelines and the complexity of the digital assets themselves can make it hard for those in possession of crypto to understand where to begin in the filing process. Fortunately, crypto taxes are easy to understand once they are explained.
If you have engaged in any crypto transactions over the past year, here’s what you need to know about paying Bitcoin and crypto taxes.

https://preview.redd.it/sgxtgkamsm041.jpg?width=4000&format=pjpg&auto=webp&s=795a6acd74b979367aaf1f1283482865258ae76b

Crypto As a Tradeable Asset

When crypto is purchased and exchanged at a later date, cryptocurrency is taxed as a tradeable asset. For example, let’s imagine that you purchased one Bitcoin in January of this year and sold it when the price spiked up to $12,000 in May. As a result of your sale, you would have to report your profits as capital gains for the sale of that asset and pay the resulting tax. (However, you may also claim losses if the value of your asset’s value depreciated over that time instead.)
Along with trade transactions, other transactions, such as making purchases with your crypto, are considered taxable events as well. Continuing with the above example, let’s imagine that you spent $2,500 of your Bitcoin on your rent. You would need to sit down and calculate exactly how much that portion of your asset has gained since its initial purchase. Of course, this brings up the question of how exactly to calculate these gains. We will dive deeper into this topic after the next section.
Put simply, any time you spend your asset, exchange your crypto for a similar asset or a fiat currency, or otherwise engage in a transaction that involves receiving something in return for your crypto, you need to report any capital gains or losses.

Crypto As Income

While crypto is used by many as a tradeable asset, there are also those who make a living through trading crypto or through accepting crypto through a business or as part of their paycheck. If crypto is earned, it becomes taxable not only as an asset when it is traded but as income as well. The type of work that you do in return for crypto will dictate how you will need to file when you report this income.
What’s truly important to know, however, is that any form of income is taxable. In the IRS’s new guidelines, they touch upon the topic of forks as an example and the resulting cryptocurrencies that you may obtain through a hard fork. If you receive any amount of cryptocurrency, whether you asked for it or not, you are responsible for reporting it as income. As always, there are some exemptions, such as gifts, which you will only need to report when you sell or trade it at a later date.

How Does Crypto Tax Filing Work?

Reporting fiat currency is simple as there are no price fluctuations that complicate your filing efforts. Cryptocurrency, on the other hand, is always changing, which makes it more difficult to determine what you owe and how you need to report it.
In general, there are four main accounting methods that people turn to in order to report their crypto profits: first in first out (FIFO), last in first out (LIFO), average cost, and specific identification. Simplified, they look like this:
  1. FIFO- The crypto that you spend or trade is taken from your first purchase. If you spend one Bitcoin and you own two Bitcoin, you calculate your gains or losses based on the first Bitcoin that you acquired.
  2. LIFO- Using this accounting method, traders do the opposite of the above, calculating gains and losses by drawing from their most recent purchases first.
  3. Average Cost- One of the easier accounting methods, the average cost is calculated by determining the amount of holdings you have sold and pulling from the overall price of your assets. This method isn’t as commonly seen as the other three, however.
  4. Specific Identification- If you can show the IRS proof of specific transactions stored in different places, you can choose which asset you want to calculate your gains or losses on. For example, if you have one Bitcoin stored in address A and one in address B and you spend one Bitcoin, you can choose which asset you sold as long as you can provide documentation of the purchase of said asset.
As always, it is vital that you do your research, consult professionals, and fully understand your responsibilities before you begin trying to report your income and capital gains. While the above gives you an overview of what you can expect to come across as you prepare your crypto taxes, it is ultimately up to you to make sure that you are compliant and up-to-date with local tax laws.
If you have sold any crypto over this past year, use the above as a starting point for learning more about how to file cryptocurrency taxes before the deadline arrives.
Trakx is building a one-stop shop for Crypto Traded Indices. Discover more about our project on our website and social media channels, such as Telegram http://t.me/trakx_io.
submitted by Trakx_io to Trakx [link] [comments]

Summary of the new crypto tax guidelines (tldr included)

Hey all - I know there's a dozen posts about the new crypto tax deadlines - so apologies for making it a dozen plus one.
Full disclosure, I work for Bitcoin.Tax, where this article was published. I've included the link to our summary, as well as our actual summary. Also - I'll be talking with a crypto tax pro on our podcast about these guidelines soon. I usually post links to our podcast on this subreddit, so stay tuned (if you want...) for that in the next few days. Hopefully this helps some folks, as parts of the new guidelines are fairly ambiguous.
Link: https://bitcoin.tax/blog/irs-crypto-tax-faq/
TLDR:
Generally, this is the same as the advice and common practice used by taxpayers and accountants. Although, the exception here is the clarification of the specific identification rule. We'll talk about that below.
Summary:
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.

IRS Cryptocurrency Tax FAQ

We have gone into more detail for some of the main points in their FAQ.

Hard forks and airdrops

Despite peculiar wording by the IRS, they have confirmed that receipt of crypto from an airdrop or fork is to be treated as income, and so subject to income tax.
ordinary income equal to the fair market value of the new cryptocurrency when it is received, which is when the transaction is recorded on the distributed ledger, provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency
However, these drops typically have no market (perhaps a futures market) until they have existed for a period of time, so establishing a value could be difficult. It is possible that the value could be zero right at that exact moment it is recorded on the distributed ledger.
In order to receive income, you must have dominion and control over these new crypto. This effectively means you must be able to manage it; typically you would have the private keys or it is immediately available in a custodial wallet or online account, e.g. Coinbase.
If the crypto doesn't appear in your wallet, or you don't get control of it until a later date, then that later date is used to calculated the USD income value.
This had been a common question among crypto traders: if BTC was forked off into a new "BTC" coin, which you might not even have been aware of, do you still have income? The answer is no. Unless, you subsequently get access to those new coins, in which case you do have income on the date you receive control.
When you have income for an airdrop or fork, this also sets the cost basis (value and date) for any subsequent capital gains calculations.

Fair Market Value (FMV)

FMV is used to give something a value, i.e. what it's worth. If you list a bike for sale, you might research the prices for which other people are selling. Those prices give a FMV. But it you sell your bike and someone buys it for $100, then the bike's FMV was $100.
With crypto, sometimes we need to know FMV because we are not trading directly for dollars.
For example, if you sell 1 BTC for 150 LTC, you are disposing of the 1 BTC at FMV. You need to know the USD value in order to know the proceeds and to calculate any capital gains or losses.
So, first, if this was traded on an exchange, we use the spot price on the exchange at that time. This is true even if the transaction was off-chain.
However, where no FMV exists, such as a peer-to-peer transaction, then you have to get the value from elsewhere.
So, secondly, use the FMV of the service or product you are exchanging. With the above bike example, say buying it with crypto, the FMV would be that of the bike itself (the price it would have sold for USD).
Lastly, when no value can be obtained, then use a service that provides a consistent worldwide indices value (the IRS are calling this an "explorer" but that is a confusing term as blockchain explorers may not provide a USD value). If you do not use an "explorer" value, you can use an "accurate representation of the cryptocurrency's market value". Much like with fiat, this means using an establish and consistent source.

FIFO and Specific Identification

Advice from most tax preparers and accountants has been to err on the side of caution and go with First-In First-Out (FIFO). Basically, if you bought 1 BTC for $9,000 and later another for $10,000, when you come to sell 1 BTC (or partial) you would use the cost of the first 1 BTC that you had acquired.
This is the default IRS cost basis method and would not be challenged.
Some taxpayers had filed using specific identification, where FIFO was not used and instead the "lot" that was sold was chosen from their wallets. Summary strategies could also be employed, such as Last-In Last-Out (LIFO), where the basis of the most recently acquired crypto is used instead.
These other strategies, such as last-in first-out, closest-cost or lowest-cost, often try to minimize the gains per transaction and defer them until later.
This is the biggest change in the new IRS guidance and confirms that specific identification can be used. However, you must be able to document this, which the IRS describes as:
You may identify a specific unit of virtual currency either by documenting the specific unit’s unique digital identifier such as a private key, public key, and address, or by records showing the transaction information for all units of a specific virtual currency, such as Bitcoin, held in a single account, wallet, or address.This information must show (1) the date and time each unit was acquired, (2) your basis and the fair market value of each unit at the time it was acquired, (3) the date and time each unit was sold, exchanged, or otherwise disposed of, and (4) the fair market value of each unit when sold, exchanged, or disposed of, and the amount of money or the value of property received for each unit.
There is no guidance if any extra information should be reported, but it is generally the same information that is added to the 8949 form where capital gains are reported.

Gifts and Donations

Similar to gifts of stocks or property, the rules regarding cost basis have remained unchanged. Received gifts are not immediate income but you do still recognize an capital gains income when you later come to sell, exchange or dispose of the cryptocurrency.
You can use the original basis (with documentation) from the giver in order to make use of long-term gains. However, your received basis becomes the lesser of the giver's cost basis and the FMV of the gift on the date you received it. This is to prevent from gifting losses. Also, if you do not have documentation showing the gift cost basis, then your basis is zero, i.e. you must declare 100% as capital gains.
Donations to registered charities do not recognize income, gains or losses. The value of your charitable donation is the FMV on the date of the gift if you have held the crypto for more than a year. For a year or less, it is lesser of the crypto's cost basis or its FMV on the day of the gift.

What was not mentioned

There are still some key questions and ambiguities that tax professionals have been looking for clarification. For instance, with hard forks and airdrops, if you have the private keys but no software, does that count as control?
Airdrop and forks generally have no markets when they are created, so is there a zero FMV? And should you take the value only when you exercise control?
Can specific identification be used at will or must it be done consistently?
Were 1031 "like-kind" exchanges ever a valid approach before 2018?

Guidance is retroactive

Finally, be aware that IRS guidance is always retroactive, unless otherwise stated, and so should be applied to past and future crypto transactions. If you have not followed these rules then you should consult with your tax professional and may need to file an amendment.
submitted by Sal-BitcoinTax to CryptoMarkets [link] [comments]

Long Term Capital Gains on Cryptos Less Than a Year Old

Hello, thank you in advance for the help, I'm a bit lost and confused as to how I should proceed here...
I just finished inputting all my trades and mining income into Bitcoin.tax and I went to the 'Calculate' tab to see what it estimates my tax bill should be. I sold some 0xBTC (which was created in February and I didn't start to acquire until March) and Bitcoin.tax is telling me I have some long term capital gains... How is this possible? Am I missing something obvious or is there an error?
I am in the US where the IRS classifies trades on assets held longer than 1 year a long-term gain/loss: https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
submitted by s00perpig to bitcointaxes [link] [comments]

Deloitte partner's interpretation of IRD announcement "if you simply hodl, then any unrealised gains won't be subject to tax"

From this recent Newsroom article: https://www.newsroom.co.nz/2018/04/09/102989/whats-missing-in-the-irds-crypto-guidance#
I reached out to Deloitte Private partner Ian Fay, who specialises in tax, for comment. He noted the IRD is not treating cryptocurrency as "currency" or a "financial arrangement," which means "if there's any tax that's going to arise, it's only going to arise when you dispose of a crypto asset."
So in other words, if you simply hold - or "hodl" as they say in crypto circles - your virtual currencies, then any unrealised gains won't be subject to tax.
Also:
Perhaps the most surprising aspect of the IRD's announcement is you won't be able to escape your tax obligations by not converting your cryptocurrency back into fiat. So if you originally bought some bitcoins and later traded those for an equivalent amount of Ether, you'll have to calculate your profits (or otherwise) in NZD and declare that to the IRD.
submitted by litealp to NZBitcoin [link] [comments]

Avoid U.S. Taxes on Bitcoin. Give to Charity.

With all the moaning and complaining about the impact of the recent IRS statement on the tax-ability of bitcoin, most have overlooked one good outcome of this clarification. One that hopefully will unleash even more philanthropy in our bitcoin community.
Under current IRS guidance, dispositions (sales and spendings) of bitcoin are a taxable event. Bitcoin is property and when it's sold or spent, an individual must calculate the gain or loss on that transaction and report it as a capital gain or loss on his/her Federal Income Tax filing.
Except for this: Bitcoin that has been held for more than a year and gone up in value can be donated to a recognized charity without having to report any taxable gain to the IRS; what's more, one can take a deduction for its full market value at the time of donation. Donations of appreciated bitcoin held a year or less are still deductible, but their gains in value must also be recognized (and taxed).
This often overlooked fact turns a significant negative into a strong positive. Don't sell or spend profitable long-term holdings of bitcoin. Inasmuch as you can, donate them to charity and buy yourself a double tax break with your generosity.
There is a long section on Contributions of Property found here: http://www.irs.gov/publications/p526/ar02.html#en_US_2013_publink1000229703
Here you'll find more specific information in the sections Giving Property That Has Increased in Value -- Ordinary Income Property & Capital Gain Property: http://www.irs.gov/publications/p526/ar02.html#en_US_2013_publink1000229755
The IRS Guidance Summary is here: http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance
Example: Let's say in 2014 you have taxable income of $100k and thus you were in a 25% marginal tax bracket; and you itemize deductions on Schedule A. You have $3000 worth bitcoin (present value) to sell/spend or donate; for those coins, you paid $1000 more than a year before.
If you sell or spend those bitcoin, you will pay $300-560 in Federal taxes ($2000 gain X 15-28%), depending on what tax rate is applied. And you might also pay state income taxes; at say 5%, that's another $100.
If you donate the $3000 worth of bitcoin to a charity, you pay no Federal or state tax, and you pick up a tax benefit of $750 in the Sch A deduction of $3000; that is, $3000 X 25%.
References: See what T. Rowe Price and Fidelity have to say about this strategy. http://programforgiving.org/charitable/pages/donatingAppreciatedAssets.jsp http://www.fidelitycharitable.org/giving-strategies/tax-estate-planning/appreciated-securities.shtml
submitted by allgoodthings1 to Bitcoin [link] [comments]

Lets talk about the infamous IRS tax guidance PDF and capital gains regarding exchanging one virtual currency protocol like bitcoin for another virtual currency protocol like ethereum SPECIFICALLY.

Lets talk about the infamous IRS tax guidance PDF and capital gains regarding exchanging one virtual currency protocol like bitcoin for another virtual currency protocol like ethereum SPECIFICALLY.
https://www.irs.gov/newsroom/irs-virtual-currency-guidance See PDF link Notice 2014-21. Q&A 6 and 7.
This comes up so often i am going to have to make some sort of general paste.
Lets start with the webpage and notice what it DOESNT say:
The notice provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:
Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.
Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. >Normally, payers must issue Form 1099.
The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.
A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.
End quote.
Please note while it says the exchange of virtual currencies is taxable and then gives examples of the exchange of virtusl currencies for things or work or fiat or OTHER PROPERTY it does NOT say the exchange of virtual currencies for other virtual currencies is taxable and it never gives an example of that case.
They could have said that but they didnt.
The guidance is instead spending time and examples talking about the exchange/sale of virtual currencies for work or for retail goods or business capital goods. (my guess is they were talking about when a store lets you buy something with crypto which was a big new thing then)
Also in the PDF Examples (which i cant cut and paste) they also do not give a "virtual currencies exchanged for virtual currency" example. Clearly if they meant it was taxable they would have given an example because it would have been one of the largest sources of taxes. For example they never say "if you bought bitcoin at this date and exchanged it for ethereum at this date then here is how you calulate gains." Again the lack of that example is strange if they think you owe taxes on virtual currency to virtual currency exchanges because it would be one of the most common cases covered by the guidance. Certainly more common than being paid for work in crypto which they do give an example of.
But they didnt.
Everyone reading it into the guidance is not actually relying on what the guidance actually says.
They are assuming the guidance meant something none of the IRS lawyers actually said Thise lawyers no doubt spent weeks writing it and proof reading it. Dont you think if those lawyers meant it to say " virtual currency to virtual currency exchanges are taxable "then they would have clesrly said that and given an example?
And none of this has anything to do with like kind exchanges. You dont need a like kind exchange tax exemption if they havent made a law or given guidance saying something is taxable to begin with so the often cited 2018 like kind exchange change is irrelevant.
Now a lot of people are throwing around cpa advise here whuch i havent actually ever seen. The recent AMA cpas only said "most people think". That isnt an opinion. that's an admission thst they arent sure and they wont say.
So here are some questions for your cpa or any cpa
If they say "pratically every CPA" says this
What about the CPA'S that dont ssy its taxable?
And why do you think "pratically every cpa" thinks that? Have you seen a poll? Whereis tust coming from. Have you asked one who doesnt? Why not choose the logic of the one who doesnt? Why not use the rational of one who doesnt? Some CPA'S are better than others.
Ask a cpa where is it EXPLICITLY stated in any IRS guidance or congressional legislation that you owe capital gains if exchanging one virtual currency FOR ANOTHER VIRTUAL CURRENCY?
Have you asked the cpa if they know that switching crypto isnt switching anything but computer protocols?
Have you asked them if they know the little pictures of bitcoins arent of real coins and that crypto coins dont exist or arent a ledger of actual coins or anything else anywhere at all but is actual simply pure computer communications protocol like TCP/IP or html?
Most people including cpa's have no idea what particpating in blockchain protocol actually is. Its not their fault. Its complicated computer expertise snd most people have no idea. They think of the pictures of littles coins they see. Those dont actually exist.
Have you asked them why they dont think you owe capital gains when reading one page of info in html and anothe rin javascript?
I'm not being a smartass.
Those are serious questions i would ask any cpa who tells you you owe capital gians specifically on the "exchange of one virtual currency for another virtual currency" when youn ever sold to cash. That specific exchange which is in actual fact simply an exchange of one computer communication protocol for another as i said.
I would actually love to hear the answer anyone gets from their cpa on those SPECIFIC questions
NOT on general "property" arguments and not on extrapolation of the term exchange in the guidance.
And not of course on like kind which i am not currently talking about.
Disclaimer. I am not a cpa or tax advisor or your advisor or a lawyer. These are my personal opinions just like everyones elses)
And none of this is about a taxprotest or any such nonsense. I am always happy to pay taxes i owe.
If tomorrow the irs says "you need to pay taxes if you exchanged virtual currency for virtual currency then you need to calculate your gain at the cash value even if you never went to cash" then i will of course do that. But they havent. Anywhere.
Edit: i am still editing this so it may change.
submitted by azzazaz to CryptoCurrency [link] [comments]

MAD Doge - Such Problems, Much Solutions, Year of DOGE. (March 30th, 2014)

MAD Doge – 3/30/2014 The epic battle in price PANIC! PANIC? Well yes, panic if you want, it’s apocalypse time.

What’s wrong?

What am I doing? How am I invested in a solution? (WOW SUCH LONG READ)

What's going to happen?

It's going to be a rough ride, but there are upsides, Cryptsy has started on USD/DOGE exchanges.
submitted by DRKMSTR to MADDOGE [link] [comments]

If you have played WOW you must pay tax according to new IRS rules.

The news yesterday designed for bitcoin http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance applies to all virtual currency and since theres a virtual exchange for world of warcraft gold it would be subject to the same rules. So the money you have made ever in the game would be calculated at the exchange rate of the time that you farmed "mined" it and be considered taxable income. The only difference would be that WOW dosent condone the sell or buying of ingame gold for money however does bitcoin condone it ?
submitted by daoc19 to Bitcoin [link] [comments]

[Table] IAmA: I'm co-founder of Wikipedia and with my new startup, Infobitt, I want to make a Wikipedia for the news. Ask me anything!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-12-15
Link to submission (Has self-text)
Questions Answers
Hi, thanks for doing this AMA! I'm wondering if you could give us all uninformed lazies a little information on what Infobitt is and what made you create it? "How we can organize the news (short version\)" was written for you! (There's a longer version too.)
It is human to want to know what’s going on. Perhaps billions of people follow the news every day in one form or another.
This is why there are endless streams of news flooding the media landscape, more than ever before. Many of us would like to stay on top of the spreading pool of news. But the flood is getting deeper and wider.
That’s why we skim various news sources, apps, our friends’ feeds, blogs, etc. We resign ourselves to not knowing many details; for that, we must read many articles in full. Only devoted newshounds have time for that.
Beyond the sheer quantity of news, we must navigate redundant news, click bait, sensationalism, and on and on. The news has become noisy and confusing. There’s a sea of it, and it’s uncharted.
The facts about an ongoing story are often spread across many different sources, from the New York Times down to a humble blog. Nobody organizes the facts. No media outlet has the motive or the ability to come to grips with everything.
But we do—billions of us have that motive, and if we are organized in the right way, we’ll have the ability. What if we pooled our efforts on the news in the way we did on Wikipedia?
But how?
Here’s the Infobitt model. We grab different facts from different news sources, summarize them in sentences which link back to those sources. We each drag-and-drop the facts into our preferred order, and the system calculates the sense of the community. The result is a bitt.
That’s not all. There’s a stream of new bitts arriving in the system. We put bitts in order of importance by drag-and-drop as well. We’ve made a new way to collaborate on collecting the news.
We want this done for every article about every story. And we want it constantly updated. After all, it’s 2014.
Only a giant, international, online community could make this happen. This is citizen journalism re-envisioned to include an enormous distributed editorial function. It’s ambitious, but we can do it.
How will Infobitt be different than Wikimedia's WikiNews, or a news aggregate like reddit? Why is it better? Infobitt is different from WikiNews, and most similar citizen journalism websites, because WikiNews basically involves amateurs attempting to write news stories. As a result the work ends up unimportant, old, poorly sourced, and/or not well written (writing very well is difficult). Journalists are paid money because they have rare skills. It's very different from Reddit because Reddit features a single source per story and, typically, just a headline. The headlines are ranked by counting simple up or down votes. By contrast, (1) we collect many facts per story, (2) from multiple sources, (3) expressed in full sentences, and (4) we rank the facts (and whole collections of facts, called bitts) by dragging and dropping them into a rank, rather than up- and down-vote. So, we're very different there.
What are your thoughts on Jimmy Wales downplaying your role as founder of Wikipedia? No comment about Jimmy Wales first calling me co-founder then downplaying my role. I and others have said all I need to on that subject.
Infobitt does not feature amateurs doing what journalists do. It features amateurs summarizing facts gathered and carefully expressed by (one hopes) slightly more careful and better-trained professionals. Not trying to ask a redundant question, but unless I am misunderstanding your post, you are criticizing WikiNews and amateur writers and then saying you will basically be doing the same thing. Most of what I have read on news sites like WikiNews is simply aggregated material from other sources, dubious or not. Why do you believe the writing on Infobitt will be of a higher standard if you are not opting for paid journalists or anyone more qualified than an amateur writer? What I mean by "summarizing facts" is not what Wikinews does. A "fact" in our system is a sentence, up to 200 characters long, that states a fact drawn from one or more sources. The fact links to its source. Instead, Wikinews simply writes a whole complete article based on its sources. What the point of doing that is, I've never understood.
How do you feel about people calling your website lies? We can't use Wikipedia in my school because the teachers think its lies. What do you say to that? Thanks for doing this AMA! Well, I don't know. It's not all lies, of course; mostly it's facts. Surely people wouldn't use it if that weren't the case, and if they constantly turned up facts.
The trouble with teachers is that they are just ordinary adults, and all too often they aren't particularly intelligent adults, either. But they speak from a position of authority and therefore their students take what they have to say very seriously. So, look, unless you have some very good reason to take what your teacher says on some mere matter of opinion very seriously, accord it no more respect than you would any random comment on the Internet.
You can't use Wikipedia in your school because they want you to do your own research, and from sources that are edited by professionals. Nothing wrong with that. They can't stop you from using Wikipedia at home; just be sure to use the footnotes (and actually read the sources the footnotes point to, because Wikipedians don't always get what the footnotes say correctly).
Do you see Infobitt growing to the same scale as Wikipedia? Edit: Do you see any similarities between infobitt and wiki that are key to understand for it's growth? Similarly, Infobitt will fill a universal need, or desire, to get caught up with the news very fast. We'll make it possible to get caught up five times as fast as you could before. You'll be rushing to Infobitt to include the latest news in the way you now do on Twitter, Facebook, or Reddit. We'll also finally give the long tail of citizen journalism a route whereby it can make it onto the front page of a hard news site. Yes, I've gleaned any number of lessons from my Wikipedia days. The content has to be open content, so it will be. It's important, if you're creating a shared resource, that rules be stated clearly and that they be very gently enforced. My job description in these early days of Infobitt includes "recruiter" and "cheerleader," just as was the case in Wikipedia's early days. I could go on!
How do you plan to differentiate yourself from other news aggregators apps/sites like Circa or NYT Now? They just summarize a relatively limited number of facts from a relatively limited number of stories. If we have a Wikipedia-sized community, we can aggregate facts from all across the web, not just from professional journalists but from the long tail of citizen journalism too. We can organize all the stories and the facts that make them up into a beautifully-ranked resource. This will enable you to catch up with not just a selection of the news, but a carefully and exhaustively (across all media) curated selection of the news, and you'll be able to go into great depth, Wikipedia levels of depth, if you want to. And if the model proves attractive for specialized news topics then we'll be able to give the same treatment to things like news about bitcoin, about your favorite sports team, or about your hometown.
Edit: given that you might read this, have you watched the newsroom on hbo? There's a running debate about new v old media and as you undertake such a venture, I am curious about your perspective The Circa app does what, precisely? I use it. What are you saying it does?
After Wikipedia got started, within a year we started getting imitators. Most of them fell flat on their face because they changed key points in the formula that made it work. Citizendium failed to take off because it was going head-to-head with the 800-pound gorilla that was Wikipedia.
Citizendium? We proved the Citizendium model worked. That's why people are even now still working on it.
It sounds like you are in the early planning stages if you don't know this by now. Why not investigate so you don't make the same mistakes? Not sure on this. It doesn't sound like it's being run very well. It sounds like you are making a lot of assumptions about me.
You are starting a company based on something that other people have already done yet you don't know anything about what those companies did or how they failed? I've investigated and know how various companies failed. I'm just trying to understand what other people are saying.
where multiple news stories/sources would be combined into one page listing all the different details from different stories as well as updates as they unfold. Well, OK, they do a little of that. But they don't have a Wikipedia-sized community to make the details complete and reaching way down into the long tail of citizen journalism.
As asked in the question. It's really a matter of scale.
All actual news events turn into wiki pages anyway. Follow up, are you going to cover only the news stories which is relevant to each reader? If not, then why do you claim you'll be a fast and efficient run down of the news? On Infobitt, we're saving you time (and will do so more as we grow) by prising out all the unique facts about a story from various sources and putting them in rank order of importance. This way you don't have to scan an encyclopedia article--or a traditional news article--to glean the most important things that you didn't already know.
What steps will the company take to keep Infobitt neutral and unbiased? (1) Articulate and elaborate a neutrality policy. (I was the originator of Wikipedia's neutrality policy, via Nupedia, and I plumped for its adoption against much resistance.)
(2) We're democratic. Extreme views will tend to be ranked down.
(3) If we're flooded with people from one point of view, we'll actively recruit people from opposing points of view, to make sure we have a balanced community. In a democracy, a balanced community will mean a balanced vote.
(4) There are technical things we can do too.
Last updated: 2014-12-20 01:21 UTC
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]

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