No one wants to think about tax bills from the IRS, much less interest and penalties. But if you are one of the legions of people capitalizing on the wild west of cryptocurrency, you might need to. At the very least, you should occasionally stop to think about the IRS and taxes. Here are 10 tips:
1. Remember, it’s property.
2. Barter is old-fashioned, but the IRS gets a piece.
3. Careful with 1031 exchanges.
4. Not everything is long-term capital gain.
5. It might be less anonymous than you think.
6. Careful when you pay for services.
7. Even small deals can trigger taxes.
8. Don’t report like it’s 2015.
9. Remember FinCEN too.
10. Loans Might be Tricky.
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