The Crypto-Tax Man Cometh

If you own crypto-currency, you may be in for a nasty surprise come April 15th.

Rumor has it that the crypto-currency exchange Coinbase has been ordered to turn over records of 13,000 accounts to the IRS containing ” “taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period.”

Since the IRS calls crypt-currency an “intangible asset” any trade results in a capital gain or loss. Coinbase will be sending the IRS 1099-K’s that will report your gain.

So, if you made a killing in 2017 on Bitcoin, be prepared to pony up.

Here’s a primer on how to figure it out:

https://www.forbes.com/sites/kellyphillipserb/2018/01/09/what-you-need-to-know-about-taxes-cryptocurrency/#f28f145605fa

 

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, balance, CFTC, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Investments, Jobs, Legislative Intent, SEC, technology, VC, Venture Capital and tagged , , , , , , , , , , , , , . Bookmark the permalink.

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