Blog
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…
Keep Reading →
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…
Keep Reading →
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…
Keep Reading →
September 26, 2019