The Taxman Cometh for Bitcoin
April 15 has come and gone, and now US Bitcoin users who want to stay on the right side of the law have some serious accounting to do. But how is it possible to adapt to the new rules and what does that really involve? One Forbes journalist, Kashmir Hill, recounted her experience of the Bitcoin tax return in an article yesterday. “I let my accountant know it was going to make my taxes more ‘interesting’ this year,” she writes, “…The IRS guidance isn’t actually that complicated, but the record-keeping it makes necessary is”. The IRS now requires Bitcoin to be treated like property, meaning....
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MicroStrategy CEO Michael Saylor is singing the praises of Bitcoin once more. This time, Saylor talks approvingly of its convenience, as well as its capacity to keep all parties honest. But above all, in a recent interview, he said no-one can take it from you. Not even the taxman. “You can tell everyone to go […]
Welcome to the CoinDesk Weekly Review 21st March 2014 - a regular look at the hottest, most thought-provoking and most controversial events in the world of digital currency through the eyes of scepticism and wonder. Your host ... John Law. No accounting for the taxman. UK readers may have been too busy drinking beer and playing bingo with their pensions to notice, but this week's Budget statement had one little snippet tucked away that may do more to promote bitcoin than if Newsweek revealed Satoshi Nakamoto was really Stephen Fry in a kimono. In the future, muttered Chancellor George....
Investing in digital assets can offer a plethora of opportunities, but when the taxman comes, investors best be prepared. Hindsight is 20/20, but when money is on the line, being prepared can give investors better foresight. Just over a year and a half ago, Investopedia reported on the panic among many crypto investors who’d found themselves on the wrong side of the taxman. The article read, “Online forums like Reddit are abuzz with posts citing possible scenarios by worried investors about pending tax liabilities for their past dealings in cryptocoins, which may now leave them poorer.”As....
U.K. users of the exchange who have received £5,000 or more in the past tax year will have their information passed to the tax authority.
Now that crypto markets have flipped bullish, thoughts have turned once again back to profits and the inevitable cut we’ll need to pay the taxman when the time comes. Generally speaking, a taxable event occurs when you buy, sell, and trade crypto. You are required to report gains and losses on each transaction or when […]