Posts Tagged ‘tax’

Student Cryptocurrency Trader Turns Huge Profits in to a $400k Tax Bill

A Californian student, who turned a $5,000 investment in to a portfolio worth close to $1 million, claims to have begun his trading in May 2017, whereby he signed up at popular cryptocurrency broker Coinbase. By the end of December 2017, at a time when the cryptocurrency industry experienced a significant injection of capital that […]

Brazilian Tax Regulator Publishes Draft on Cryptocurrency Taxation

The Department of Federal Revenue of Brazil (RFB), which administers tax collection in the country, has announced that Brazil-based crypto exchanges are now obliged to send them detailed reports on all crypto-related operations on monthly basis. For instance, the companies have to reveal the amounts of transactions and the identity of the customers. Moreover, both legal entities […]

Cryptocurrency: Compliance challenges and IRS enforcement

While cryptocurrency and its utilized technologies could radically change business processes, its inherently decentralized nature could serve as a vehicle for sinister activity and a challenge to those charged with compliance with the law. The IRS is investing significant resources to combat potentially staggering levels of tax noncompliance with reporting income associated with cryptocurrencies, highlighted […]

Portugal’s taxman publishes guidelines for cryptocurrency taxes

The Portuguese Tax Authority (PTA) has created a framework that defines a handful of taxes for cryptocurrencies, helping to provide a great amount of clarity on the murky subject. The push for the guidelines came from an unidentified company, possibly in the utility sector, which was looking to launch an ICO and a token built […]

What ICO Issuers and Investors Need to Know About Taxes

Much attention has been paid to regulatory issues in connection with token issuances. Less attention has been paid to the potential tax issues that may arise for both issuers and investors. But these issues are just as real. The Internal Revenue Service (IRS) has not issued any guidance concerning the tax treatment of token issuances. […]

Bought bitcoin last year? Here’s how to save money on your crypto taxes

Here are five strategies to ensure that you are properly paying cryptocurrency taxes or minimizing the amount of taxes that you will pay on cryptocurrencies: Be a long-term investor. Immediately put money aside in dollars whenever you sell a cryptocurrency and make a profit (and not in another cryptocurrency). Keep a detailed record of all […]

The Investor’s Guide to Cryptocurrency Taxes

The April 17th tax deadline is fast approaching. CryptoSlate has published a guide that contains instructions on calculating taxes on your cryptocurrency investments. View the guide

Don’t Forget the ‘Other’ Cryptocurrency Tax

Whenever taxation of cryptocurrency is discussed, it’s almost always about taxing changes in realized wealth, i.e. income tax. But that could soon change, as cryptocurrency becomes ready for use in daily transactions. While certainly a long-anticipated and welcome milestone, it’s also sure to raise the ire of national and state regulators hungry for revenue — revenue […]

Thai Ministry of Finance Announces 7% Tax on Crypto Trades; 15% on Returns

Cryptocurrency tax rates for trading and investing have been proposed by Thailand’s Ministry of Finance as part of a larger effort to appropriately regulate and tax the crypto industry within the country. The government has finalized a tax framework that will comprehensively cover all crypto trading and investing practices: crypto trades will be taxed seven […]

Think Cryptocurrency Is Confusing? Try Paying Taxes on It

Cryptocurrencies are tax-unfriendly by design. Part of what makes paying cryptocurrency taxes so difficult is that current Internal Revenue Service rules treat cryptocurrency as property rather than currency. That means that every time you sell or transfer a digital coin for something else — whether you’re cashing out Ether for dollars, trading Bitcoin for another cryptocurrency […]