Do I need my crypto taxes fixed? Should I fix my tax return to report my cryptos better? Those are the questions that many traders are asking now that the IRS compliance campaign has begun sending letters to traders. For many traders, it was the first time they ever did any investing. Reporting these investments on their taxes was a new awakening for them.
So it is time to do a health check. It makes sense. Every year you go to a doctor to have your body signs checked for hidden problems. We can do the same thing with your tax return.
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Despite what you may have been hearing, or experiencing, crypto traders can avoid IRS problems. Ideally, you also want to slash your taxes. And you want to achieve both for good reasons. The good news is, it’s possible with these three proven ways.
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How a Crypto Client Saved $471,000!
It is a very common story I hear. An individual has huge gains trading crypto-to-crypto in 2017. In Spring 2018, he asks his accountant if he has to report the trading on his return. The accountant is clueless. The investor knows his return is not being done right.
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I just talked to a client who had keep over $50,000 in
Bitcoins safe on a private wallet. The private wallet is locked with special
password. He thought he remembered the password.
He typed in it three times. Each time, he was told it was wrong. Then it permanently locked up never to be opened again. His Bitcoins are now in a cyber wasteland never to be used again. A tragic story, but not uncommon.
Can the loss be taken on the tax return?
Continue reading "Can I Deduct a Lost Crypto Wallet?"
All American crypto traders should know that the IRS is gearing up for large compliance campaign (read crackdown) on crypto traders.
The IRS commission said in November 2018, "You think
the IRS doesn't know [who the cryptotraders are]? The IRS will have more
information about them than you can possibly imagine."
Clinton Donnelly has written a book to show traders how to protect themselves. He is an Enrolled Agent with a law degree experienced in defending taxpayers from the IRS at examinations, audits, and appeals.
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You don't need to know how the blockchain works to use it, but having a basic knowledge allows you to see why it's considered revolutionary. The blockchain is a digital ledger that can be programmed to record not only financial transactions, but also virtually everything of value.
Continue reading "Just What Is Block Chain"