Declaring Bitcoin Income Part 3- Bitcoin As An Asset

This is the second part of a multi-part series that will discuss how to declare Bitcoin income and claim Bitcoin losses and expenses on US personal or business income tax returns. What follows are my professional opinions and should not be construed as tax or accounting advice. Instead, the articles in this series should be used as the starting point for a discussion with your tax accountant about your individual situation. Back to Part 1- Preparing Your Records. Skip to Part 3- Bitcoin as an Asset. US Code Title 26, Section 61 defines gross income in the context of income taxes. Though....

This is the first part of a multi-part series that will discuss how to declare Bitcoin income and claim Bitcoin losses and expenses on US personal or business income tax returns. Skip to Part 2- Bitcoin as Ordinary Income. Skip to Part 3- Bitcoin as an Asset. What follows are my personal opinions and should not be construed as tax or accounting advice. As of the time of publication, the IRS has released no specific guidance as to how Bitcoin transactions should be declared. You should always consult a qualified tax accountant about your personal situation before taking a position on any....

Slovenian regulators have released a statement clarifying certain ambiguities related to bitcoin and other digital currencies. The Tax Administration of the Republic of Slovenia said it received queries from taxpayers who were interested in the possible tax implications of bitcoin transactions. In response, the Tax Administration requested a formal response from the Ministry of Finance, which stated that bitcoin remains a virtual currency - thus, it is not a 'monetary asset' under Slovenian law. Furthermore, bitcoin is not considered a financial instrument, either. However, the ministry....

One of the most popular ways to earn additional money nowadays is through passive income. This is the type of income that may be made automatically and requires little to no effort to achieve or keep. When the earner puts forth minimal effort to increase their income, this is referred to as progressive passive income. Also, although cryptocurrencies may be thought of as volatile and unpredictable, there is a reason why so many people are actively taking part in this burgeoning industry and why even top companies like Samsung and Nike have gotten involved with innovative topics like the....

The cryptocurrency industry can provide bountiful rewards for those who like an active approach to portfolio management. However, that also applies to passive cash flow, with the help of the right provider. Unlocking predictable passive income twice a day is accessible through CakeDeFi, which provides users with solid returns. Passive Income with Crypto isn’t Difficult As the decentralized finance ecosystem continues to grow, people have wondered how they can put their crypto assets to work. Many seem to make good money in this ecosystem and have their earnings cover basic expenses,....