Cryptocurrency

The Tax Treatment Of Bitcoin And Other Cryptocurrencies

The Tax Treatment Of Bitcoin And Other Cryptocurrencies

The IRS classifies all cryptocurrencies as property. Buying Bitcoin is not a taxable event. But using Bitcoin to buy something else is considered a sale of Bitcoin and selling property for more than you purchased it for is a taxable event. If you "sell" some Bitcoin at a profit that you purchased within the last year, you will have to report short term capital gains on your tax return and pay ordinary income tax rates.

Swiss startup SEBA raises funds to build crypto bank

Swiss startup SEBA raises funds to build crypto bank

Swiss startup SEBA Crypto AG has raised 100 million Swiss francs ($103 million) to build a bank offering cryptocurrency services to companies and investors while extending traditional banking services to firms in the new industry.

In Venezuela, new cryptocurrency is nowhere to be found

In Venezuela, new cryptocurrency is nowhere to be found

The few buyers Reuters could locate were those who had posted about their experiences on online cryptocurrency forums. None would identify themselves. One complained of being “scammed.” Another told Reuters he had received his tokens without problem; he blamed U.S. sanctions against Venezuela and “awful press” for hurting the petro’s debut.

IRS-CI Joins International Effort To Fight Tax, Cryptocurrency And Financial Crimes

 IRS-CI Joins International Effort To Fight Tax, Cryptocurrency And Financial Crimes

Realizing that more work is needed to combat global crimes, leaders of tax enforcement authorities from five nations announced that they have created a united operational alliance, the Joint Chiefs of Global Tax Enforcement, known as the J5.

Cryptocurrency and S Corporations in List Of New IRS Compliance Campaigns

Cryptocurrency and S Corporations in List Of New IRS Compliance Campaigns

The Large Business and International (LB&I) of the Internal Revenue Service (IRS) has announced five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, reorganizations, and transition tax.

Will Bitcoin Blow Up The Internet?

Will Bitcoin Blow Up The Internet?

If blockchain-based technologies and cryptos are used on a large scale, particularly for processing transactions, the BIS (Bank for International Settlements) predicts it will overwhelm the current capacity of the net.

Seven Smart Investment Vehicles To Add To Your Holdings

From Forbes.com

Most investors know that a diversified portfolio spreads out your risk and keeps your returns afloat if one of your investments takes a nosedive. The question then becomes: Where are the best places to invest your money?

While the stock market offers plenty of options for diversification, it's wise to look beyond Wall Street and find other investment vehicles with solid yield potential. We asked members of Forbes Finance Council to share their thoughts on the best holdings to add to your portfolio. From cryptocurrency to health savings accounts, here's what they had to say.

1. Life Insurance
2. Self-Directed IRAs
3. Online Businesses
4. Cryptocurrency

5. Real Estate Investment Trusts
6. 401(k) Account
7. Health Savings Account

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Using Cryptocurrency to Pay Taxes Leads to More Taxes!

From Forbes

First, it was Arizona, and now Georgia is moving to accept payments in Bitcoin and other cryptocurrencies. Both proposed laws are not yet final, but Arizona’s Senate Bill 1091 has passed the State Senate. It seems likely that some other states will follow, and perhaps the IRS eventually will too. In Arizona, the tax man would convert it to dollars at the prevailing rate. You would get credited with the converted dollar amount, so timing could be important. IRS position said cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences, accentuated by wild price swings.

f you owe $5,000 in taxes, you could pay the $5,000 in dollars. Or soon, you could pay with $5,000 worth of say Bitcoin, Ripple, or Ethereum. As long as the crypto is worth $5,000 when you pay, you’re home free, right? Not really. After all, you need to consider the sale you just made. The transfer of the crypto to the tax man is a sale, and that could mean more taxes for the year of the payment. If you bought the crypto for $5,000 the day you pay your taxes, there’s no gain.

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