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Huobi.com Shutting Down for U.S. Users
Cryptocurrency exchange Huobi.com announced that it is shutting down operations to U.S. users. United States Huobi users have until November 13, 2019 to move their assets off of Huobi.com Users should connect their API’s to their TaxBit account or export their transaction history so that they have records of taxable transactions, per IRS requirements.Exchanges shutting down can make it very…
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November 07, 2019
Poloniex Shutting Down for U.S. Users
Large cryptocurrency exchange Poloniex announced that it is shutting down operations to U.S. users. TaxBit is here to shed some insight and share how to prepare from a tax standpoint. U.S. Poloniex users have until December 15, 2019 to connect their API’s to their TaxBit account or to export their transaction history so that they have records of their taxable transactions.On February 26, 201…
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October 22, 2019
IRS Guidance On Cryptocurrency Mining Taxes
In the crypto tax space there is frequent mention relating to taxpayers’ responsibilities to calculate and report capital gains and losses on an IRS 8949 cryptocurrency tax form. What often gets overlooked is the tax implications and potential deductions for mining cryptocurrency such as bitcoin. Mining cryptocurrency has a unique problem of creating multiple tax implications that must be reported…
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October 21, 2019
IRS Issues New Guidance On Taxation of Cryptocurrency
After months of anticipation, the IRS has finally released its new cryptocurrency tax guidance through Rev. Rul. 2019-24 and an FAQ. Specifically, this new revenue ruling clarifies: 1) proper tax calculation methods; 2) the tax treatment of hard and soft forks; 3) proper sources for pricing data; 4) cost basis assignment on gifted crypto; and 5) taxpayers’ responsibilities.1) Proper Tax…
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October 10, 2019
How to Report Crypto Losses
The IRS says I need to report my cryptocurrency taxes…, but I had net taxable losses? TaxBit has frequently heard this sentiment from its users. Although losing money on your crypto trades is a major bummer, TaxBit can help you receive some relief in the form of an increased tax refund. With wild price swings and volatile coins, most crypto traders lived through the unfortunate reality of losing…
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October 09, 2019
How to Report Taxes on Cryptocurrency
In 2014 the IRS clarified that cryptocurrency is taxed as property. This means that every cryptocurrency trade or sale is a taxable event. Although taxpayers are required to report taxes on virtual cryptocurrencies such as Bitcoin, the process of doing so before TaxBit was I guess you could say... taxing.Over the last couple of months the IRS has sent thousands of letters to taxpayers who traded…
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September 26, 2019