How Does Bitcoin Impact Your Taxes? 10 Things To Know
A professional tax advisor explains the key things for Bitcoiners to know when filling out their returns for 2021. Source: greentradertax.com. Yes, it’s that time of year again. The new year is upon us and we all need to start gathering tax documents. Fun stuff, right? And if you’ve invested in bitcoin or sold bitcoin, then things get really fun. The below list of items is meant to help you understand the most critical aspects for tax filing when it comes to bitcoin. And it should be noted that this specifically covers U.S. taxes (though U.K. regulations are very similar).Here’s what you....
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Prominent Bitcoin analyst, David Puell, says there are two things that could cause Bitcoin to top out in the future. David Puell, an on-chain analyst and the creator of the Puell Multiple, believes two things could cause Bitcoin (BTC) to see a temporary top this cycle.The analyst pinpointed the U.S. government potentially taxing unrealized gains and the possible approval of a Bitcoin exchange-traded fund (ETF) could cause BTC’s momentum to slow down.Why would an ETF have a negative impact on the short-term Bitcoin price cycle?The potential impact of the U.S. government imposing taxes on....
India’s introduction of new crypto taxes had a negative impact on overall trading, forcing entrepreneurs to move to friendlier jurisdictions. The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions.India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on April 1. A commotion among the Indian crypto community followed as investors and entrepreneurs tried to decipher the impact of the vague announcement with little....
Inflation is one of those read-the-small-print kind of taxes that people don’t often think about even though it can have a major impact on their finances and, thereby, on their lives. Rising long-term inflation is more insidious than you might think because it can steadily and most assuredly decrease the value of your earnings/savings – especially, if your taxes aren’t indexed to compensate you for the cost of inflation. Inflation has always been the bane of many businesses and individuals alike. One thing is clear: something needs to be done. If cryptocurrency, perhaps Bitcoin, was....
Just remember, the IRS is quite interested in crypto and is taking steps to unearth those who do not report. This year was like no other. Now that it has limped to a close and we look at the promise of a better 2021, it is time to think about taxes. Although there were many other notable things about 2020, there were some tax points to savor — and some to fear.Gains and lossesIt is hard to look at crypto and 2020 without commenting on gains and losses. Bitcoin (BTC) ballooned in price, making a lot of investors happy. Of course, if you had taken short positions, you are less content. And....
Property taxes are a very important revenue stream for any municipality. These taxes pay for things like sanitation, police, and fire departments throughout the U. S. and Canada. And in any county, city, or state you will find hundreds or even thousands of properties that have been foreclosed due to delinquent payment of these property taxes. Investors have quietly made small fortunes investing in these "tax liens", which get the local government the money they need, and allow investors to many times pickup properties for pennies on the dollar. Now if you own Bitcoin, you can join the real....