Tag - cryptocurrency

Crypto, Extensions and more – April 4, 2019

April 4, 2019 What You Need to Know About Cryptocurrency and Taxes The IRS determines cryptocurrencies to be property, like stocks or real estate, you’ll need to pay taxes if you’ve realized a capital gain and you can lower your tax bill if you’ve taken a loss. Do I need to pay taxes on Bitcoin? That gain can be taxed at different rates. If you held a virtual currency for over a year before selling or paying for something with it, you pay [...]

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CryptoCurrency – March 1 2019

Morning Fellow Taxpayers, I was going to write about Triple Net leases and how they generally don’t qualify for the 20% Qualified Business Income Tax Deduction (new §199A); However, Ali said what I wrote was way too complicated for this email. As such, she is going to publish it as a blog. If you or someone you know is a landlord and has tenants on a Triple Net Lease, they need to schedule a consult with their tax advisor or [...]

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Crypto- September 21, 2018

Dear Fellow Taxpayers, Cryptocurrency, virtual currency, bitcoin, etherium. What do these terms mean? They are part of the new world of paying for things or investing in the new millennium. So why is your friendly, neighborhood Enrolled Agent talking about this? Should this not be coming from a financial advisor? The answer, as with anything relating to investments, the answer is yes. A financial advisor should be always be consulted. However, like most anything, there are tax consequences to this new avenue of investing. I am [...]

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Crypto: The Basics

What is Cryptocurrency? A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. Where to buy Crypto? Your first step into the cryptocurrency world will probably occur through an exchange. There are two main types of exchanges: The first type of exchange [...]

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