Top 3 Bitcoin Taxation Calculation Tools – The Merkle News

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Free Bitcoin Tax Solution for This Upcoming Season

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The Easy Bitcoin Tax Solution

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BitcoinTaxes and Bitcoin Tax Solutions Create Specialized Cryptocurrency Tax Service

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Bitcoin Tax Solutions

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4/10/14 Video News - China & BTC, Bitcoin Tax Solutions, Libra & BitInvest Coincards

http://www.moneyandtech.com/apr10-news-update/
Here are your top news stories today in Money & Tech:
Bitcoin prices plunged again today, this time as much as 10%, as more Chinese banks confirmed rumors and sent out official deposit shutdown notices to bitcoin businesses, including exchanges BTCTrade, BTC100.org and Huobi. The People’s Bank of China, however, continues to offer no official statement. And BTC China CEO Bobby Lee confirms that they still haven’t received any official word, maintaining their promise to operate in full until they do. Lee reiterates that this is not the end, but rather “a cooling off period,” and that they “are still very excited.”
April 15th is also a big day for the US. Tyson Cross of Bitcoin Tax Solutions is partnering with BitcoinTaxes, to create the first specialized preparation service for cryptocurrency users and help them navigate the recent IRS tax ruling. The new service will automatically monitor purchases and mining income through the blockchain, then calculate short-term and long-term capital gains, and prepare your tax files, all while offering expert tax advice and planning throughout the process.
Bitcoin startup Libra is also building a user-friendly tax solution, which can automatically track your transaction history and calculate your capital gains in accordance with the new IRS regulations. Libra won’t be ready to launch until the third quarter, but founder and CEO Jake Benson promises it will at least be ready quote “in time for the extended tax deadline, so we advise everyone to file for an extension this year.”
Brazil digital currency exchange BitInvest is introducing a new pre-paid MasterCard called the Coincard which actually holds bitcoins, and can be used at any location that accepts MasterCard. This launch date hasn’t been announced yet, but will be timed nicely with the upcoming World Cup, allowing visitors coming into the country for the games to buy things during their stay without the hassle of exchange rates.
Netsolus announced at Inside Bitcoins NY this week that it has begun creating a custom data center for industrial mining customers, which will “be bringing close to 20 megawatts online.” 1 megawatt alone would be enough to power 1,000 homes. The hosting and data center provider already earns 75% of its profits from bitcoin customers, and offers a total of about 3 megawatts of power capacity across its existing five data centers and various custom bitcoin mining sites.
Law and Business school professors at NYU are designing a new course for this coming Fall term called “The Law and Business of Bitcoin and Other Cryptocurrencies” which would join similar programs such as Khan Academy’s online course “Bitcoin: What is it?” and in Cyprus, the University of Nicosia’s digital currency master’s program.
This year, annual tech startup award show The Europas is adding a brand new category for the “Best Virtual Currency Startup”. The event’s founder, Mike Butcher, who is also TechCrunch’s “Editor At Large,” is very confident about this new category, saying “you’d have to live under a rock not to realise that digital currency is potentially one of the biggest tech trends in the last 20 years.”
In our effort to bring you regulatory updates and insights this week, we interviewed CoinApex CEO and co-founder Alex Waters about his newest startup CoinValidation. Find that video here shortly.
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I am a tax attorney, here are my answers to the most common questions about the taxation of bitcoins

Edit: On March 25, 2014 the IRS released Notice 2014-21 addressing the taxation of bitcoins. This post was updated on March 26, 2014 to reflect the IRS's positions contained in the Notice.
Last Edit: June 2017
Introduction
I've noticed a significant amount of uncertainty around here about the taxation of bitcoins. In effort to provide some guidance , I've compiled some of the most common questions I've seen and tried to provide straight-forward, easy to understand answers. I am a tax attorney, but there is so much uncertainty surrounding bitcoins that I expect some people to disagree with one or more of my conclusions. If you have a contradictory opinion, please share it. We would all benefit from an educated discussion of this issue.
Keep in mind this post is intended for a layman audience. If you are a tax professional or want a detailed examination of this topic, you find this post lacking. Please don't nit pick this post with technicalities or narrow exceptions, I purposely excluded such nuances for the sake of readability.
I should note that this post does not address aggressive tax planning strategies. Such strategies are a lot of fun to discuss, but they do not belong in this type of post. If you are interested in such strategies, perhaps we can make a follow-up post on another day.
Legal Disclaimer
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson P. Cross is a tax attorney licensed in California and Nevada. He represents individuals and businesses with tax issues related to Bitcoin and other cryptocurrencies, including tax return preparation, tax planning, and FinCEN compliance. He can be reached at Tel: +1 775-376-5690 or by visiting www.BitcoinTaxSolutions.com.
Topic 1: Realization
#1: Are gains on Bitcoins taxable? Yes. This is one of the only unequivocal answers you'll find in this post. All income is taxable, regardless of source or form, unless the Internal Revenue Code specifically states otherwise. Bitcoins present a lot of interesting tax questions, but whether gains are taxable is not one of them.
#2: When do my gains become taxable?*
Gains are taxable in the year they are realized. Realization occurs when you exchange bitcoins for any type of other property; such as cash, merchandise, or services. This includes everything from haircuts to yachts. Essentially, any transaction involving Bitcoin is a realization event and triggers taxable gain. Note: IRS Notice 2014-21 expressly confirms this treatment.
Because I've seen a lot of misinformation on this point, I want to make myself perfectly clear. If you own bitcoins that have appreciated in value, you cannot use them to purchase goods or services without realizing gain. Such a purchase is an accession to wealth. It puts you in the same position as if you had first sold the bitcoins for cash and then used the proceeds to purchase the goods or services directly. Yet, one would be a taxable transaction while the other would not? The IRS would never tolerate such a blatant loophole, and neither would the courts. In fact, this exact argument has already been rejected for other types of assets. The outcome for bitcoins will be the same.
Unfortunately, this has some serious implications for the future of bitcoin. I have to question the effectiveness of bitcoin as a medium of exchange when the user has to calculate his or her tax liability on every single transaction. As the saying goes, the power to tax is the power to destroy, and this is no exception.
Note: There is a code section that might provide some relief here, but only if bitcoins are categorized as a foreign currency. Under this code section, the use of bitcoin to buy goods and services would be tax free as long as the transaction was personal (i.e. not for business or investment) and did not generate more than $200 of gain. Unfortunately, the IRS ruled in Notice 2014-21 that bitcoin is not a currency for tax purposes. So, this code section is inapplicable unless the IRS changes its position sometime in the future.
#3: What if I sell my bitcoins but do not withdraw the proceeds from the exchange?
It doesn't matter, your gains were realized the moment you sold them. It is irrelevant whether the proceeds from the sale are kept in your bank account or your exchange account, you still have a realized gain for tax purposes.
#4: What if I exchange my bitcoins for altcoins? Is this a like-kind exchange?
This is a fair question and implicates what is known as a "like-kind exchange." Under Section 1031 of the tax code, exchanges of like-kind property do not trigger recognition of capital gains, and therefore are tax-free. Whether or not bitcoins/altoins are like-kind is uncertain to say the least. As intangible property, bitcoins/altcoins would qualify as like-kind only if they have the same rights, characteristics, and obligations. This is a very difficult test to apply to virtual currency.
Additionally, if characterized as a foreign currency, bitcoins would be automatically barred from like-kind treatment anyways. Thus, there are two significant legal hurdles that must be overcome before bitcoin and altcoins can qualify as for like-kind status. Although nothing is for certain when it comes to bitcoins, I'm fairly confident that the IRS would not agree with like-kind treatment and you run the risk of having the unrecognized gains added to your tax return (with penalties and interest added). Thus, I would not suggest that you try to qualify such a transaction as a like kind exchange until further guidance on this issue is given by the IRS or you obtain a tax opinion letter from an attorney concluding that your treatment of bitcoins/altcoins as like-kind appropriate.
Lastly, keep in mind that like-kind exchanges must still be reported on your tax return (using Form 8824).
edit: IRS Notice 2014-21 concluded that bitcoins are not a foreign currency, therefore it is possible that bitcoin can qualify for like-kind treatment if the "rights and characteristics" test is met.
#5: So how can I avoid realizing gains on my bitcoins?
The only way to avoid realization is to hold your bitcoins without selling or exchanging them. If you were hoping for a different answer, I'm sorry. Whether you decide to actually report you realized gains is of course a different matter, but as far as the law is concerned, you have realized gains upon any sale or exchange of your bitcoins.
#6: How does the IRS know about my gains? *
The IRS only knows what it is told. This means that it has no knowledge of your bitcoin transactions unless someone tells them. Here are four way that can happen (others may exist).
First, your bitcoin exchange or payment processor may report your transactions to the IRS. This would be done with a Form 1099, which you’ve probably encountered at one time or another in a different context. However, it does not appear that bitcoin transactions are currently subject to the 1099 reporting requirements (although that will probably change). Thus, unless they voluntarily file a 1099 against you, it is unlikely that the IRS will receive a report of your bitcoin transactions. Note that they would need your social security number to file a 1099 in your name. Edit: IRS Notice 2014-21 clarifies that "payment settlors" who convert bitcoin payments to cash for merchants will have to file 1099s. IF you are not a merchant, than this does not impact you.
Second, your bank or bitcoin exchange might file a Suspicious Activity Report ("SAR"). US banks and bitcoin exchanges are required to file SARs for wire transfers that are “suspicious” and larger than $5,000 ($2,000 in the case of bitcoin exchanges). The meaning of “suspicious” is very vague and highly discretionary. Out of an abundance of caution, many banks automatically treat all international transfer as “suspicious.” So, if you’ve sent or received a wire transfer of more than $5,000 to/from an international bitcoin exchange like Mt. Gox or BTC-e, you can be pretty sure that your bank has already filed a SAR against you (although they are prohibited from telling you if they did, so you'll never know for sure). The larger and/or more frequent you SAR filings, the more likely they will become a legitimate red flag and trigger an investigation. Although FinCEN is generally concerned with money laundering activities, the IRS does have access to FinCEN filings and it is common for IRS special agents to participate in FinCEN investigations.
Third, someone can rat you out to the IRS, which happens far more often than you might think. The simple fact is that people get jealous, and if they've heard that you've made lots of tax free money with bitcoin, they might get tempted to make sure justice is served. There's also that nice reward the IRS will pay them for snitching.
Fourth, you voluntarily and accurately report your gains on your tax return. That might sound ridiculous to some people given the inherent anonymity of bitcoin, but there are some very rich people in prison right now who used to think the same thing about their Swiss bank accounts. The fact is that penalties for failing to report income are significant. This includes the possibility of criminal prosecution. You can also add to this the additional penalties for failing to report foreign financial accounts (discussed below), which can be even more severe.
At the end of the day, you have a decision to make. You can comply with the law and pay taxes just like everyone else, which is admittedly unpleasant. Alternatively, you can violate the law and hope that you don't get caught. Maybe you will, maybe you won't. If you are caught, though, the amount of money you'll be forced to pay in penalties and interest will drastically exceed the amount you saved. That's not to mention the possibility of a felony criminal conviction and a prolonged stay at Club Fed. Personally, I have seen the havoc wreaked on people's lives by tax crimes and I would never want to be in their shoes. Neither should you.
TL; DR: Gains on bitcoins are taxable income. They become taxable when you sell bitcoins for cash or exchange them for goods or services. The IRS does not receive any direct information regarding your bitcoin transactions, but it has other ways of finding out. The monetary and criminal penalties for failing to report gains are not worth the taxes you'd save.
Continued Below Edit: This post has been edited since it was first posted. An asterisk was placed next to the questions that underwent more than just grammatical changes. Additionally, questions related to losses were inadvertently omitted from the first post, but have since been added back.
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I am a tax attorney, here is what the IRS notice means to you

Edit: This post discusses the tax treatment for US Citizens. I thought that was apparent when the IRS is involved, but apologies if the title confused any non-US bitcoin users.
Hey guys, I've received a lot of questions about the IRS notice and how it affects the post I wrote a couple of months ago. The short answer is that nothing really changes, other than we can stop speculating about possible tax treatments in the event bitcoin is treated as a foreign currency. I've updated my post to reflect this change.
Here's a quick rundown of the how the Notice affects most people. Just keep in mind that these topics are covered in more detail in the original post in case you want more information.
#1 Bitcoins are property, not foreign currency. This means that capital gains treatment will apply to most people. This really isn't a surprise and basically everyone expected this result (although some hoped for the longshot possibility of foreign currency treatment). The biggest exception is if you are engaged in a trade or business and hold bitcoin as inventory for sale to customers. This is probably a pretty small group of people, though.
#2 Every bitcoin transaction is taxable. As I said in my first post, Bitcoin users will have to calculate their gain or loss every time they purchase goods or services with bitcoin. Yes, this is a very onerous burden and creates a significant threat to the widespread adoption of bitcoin. However, this outcome is not very surprising and is consistent with US tax laws. Hopefully the Treasury Department or Congress can be convinced to apply a "personal transaction" exception similar to the one that exists for foreign currency. But for now, this is how it will have to work.
When calculating your gain or loss, you must determine "amount realized" and "basis." When buying goods or services with bitcoin, the amount realized is equal to the fair market value of whatever you received. When selling bitcoin, the amount realized is the sales price less any transaction fees.
The biggest issue for most bitcoin users is determining their basis. Because bitcoins are fungible, you run into the problem of tracing the cost of each bitcoin you hold. You cannot just arbitrarily choose your basis. The IRS will permit you to use the FIFO method (First in, First out). Any other method such as LIFO or Average Cost Basis is not advisable, particularly now that we know foreign currency rules do not apply.
#3 Miners recognize income in the year the bitcoin is mined.
This was a big unresolved question prior to the Notice. The amount of income is equal to the market value of bitcoin on the day it was mined. You can use any exchange price as long as its reasonable and you use it consistently going forward. The market price also becomes your basis in that bitcoin going forward. Therefore, when you sell it sometime in the future, you will subtract this amount from the sales price in order to determine your taxable gain.
Note that you can deduct your mining expenses in the same year, such as electricity and depreciation (subject to loss limitations).
#4 Miners are subject to self-employment tax if their activity rises to the level of a trade or business.
The IRS notice did not provide any guidance on when a mining activity constitutes a trade or business. A "trade or business" is generally defined as an activity engaged in on a substantial and continuing basis for the purpose of generating a profit. This does not have to a full-time activity, just one that you regularly pursue with a profit motive. Obviously, whether or not your specific activity is a "trade or business" depends on your particular situation. The more substantial and continuous your activity, the more likely it is that you're a trade or business. You can read a little bit more about the test here. If your mining activity consists of more than just an old GPU card (or two), I suggest you consult with a tax professional to determine if you're a trade or business. You'll also need to get guidance on making estimated Self Employment tax payments (which is done in quarterly deposits with the IRS).
#5 The IRS Notice is retroactive.
Okay, "retroactive" is not technically the right term. The law has not changed, the IRS is just informing everybody of how they interpret it. But, they will apply these interpretations to past tax years as well as the current one. So, if you already filed 2013 taxes (or earlier years) in a manner not consistent with the Notice, you should consider amending your return because the IRS will apply the rules in the Notice to your situation.
Feel free to ask any questions.
Legal Disclaimer
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson P. Cross is a tax attorney in San Diego, California representing individuals and businesses with tax issues related to Bitcoin and other cryptocurrencies , including tax return preparation, tax planning, and FinCEN compliance. He can be reached at Tel: +1 619-786-0641 or Email: [email protected][1] . (this information is necessary due to attorney advertising rules).
submitted by dblcross121 to Bitcoin [link] [comments]

I am a tax attorney, here is the truth about 1099s and the $600 minimum threshold (for U.S. Taxpayers)

Hey guys, I've been seeing an alarming amount of confusion regarding 1099s and the $600 threshold mentioned in the recent IRS Notice. I hope this helps to clear some things up.
I should start off by saying that Form 1099 is an information return used to report certain types of payments that you make during the year. The idea is that the payment recipient might "forget" to include the payment in his taxable income at the end of the year, so requiring the payor to report the payment to the IRS will help make sure this doesn't happen. There are a variety of different Form 1099s depending on the type of payment involved, the details of which aren't really important for our purposes.
Here's the truth about Form 1099s and the $600 minimum threshold:
#1: Personal transactions are not covered
Form 1099s are required only for payments made in the course of a trade or business. You do not need to file a Form 1099 for personal transactions, like buying a new computer or a cup of coffee.
To be clear: If you are not engaged in a trade or business, you do not need to worry about filing a form 1099.
Even if you are engaged in a trade or business, you do not need to worry about filing a form 1099 unless the payment was made in the course of your business. Your personal transactions are never subject to 1099 reporting requirements. If you want to know if you're engaged in a trade or business (perhaps as a bitcoin miner), here is a brief discussion of the test for a trade or business used by the IRS.
#2: The $600 threshold has nothing to do with capital gains
There is no minimum threshold for reporting taxable gains. It doesn't matter if your gain is $0.50 or $500,000. Gain is gain, and if you are required to file an income tax return, you need to report all of your gains.
The $600 threshold refers only to the requirement for filing a Form 1099. Basically, the IRS understands that requiring a 1099 for every single payment made in the course of your business is too cumbersome. So, it requires a 1099 only if the aggregate of all payments to a particular business/person exceed $600 during the year. Again, this $600 is completely unrelated to how much gain/loss you might have on each payments.
#3: There is no special 1099 requirement for bitcoins.
The point of the IRS Notice was to confirm that bitcoin transactions are subject to the same 1099 requirements as fiat transactions. It did not create any new rules or special 1099 reporting requirements. So, if your payment would not be reportable on a 1099 if it was done in cash, then it is not reportable on a 1099 if it is paid in bitcoin either.
Feel free to ask any questions.
Legal Disclaimer
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson P. Cross is a tax attorney in San Diego, California. He can be reached at Tel: +1 619-786-0641 or Email: [email protected][1] . (this information is necessary due to attorney advertising rules).
submitted by dblcross121 to Bitcoin [link] [comments]

I am a tax attorney, here is why you should strongly consider filing an FBAR by the June 30th deadline if you had an account at MtGox prior to its collapse (US taxpayers only).

RETRACTED 4/3/2018: I have decided to retract and revise this position on FBAR filings for cryptocurrency assets in light of inaction by the IRS and unofficial statements by IRS personnel. This post should not be relied upon in determining whether you have an obligation to report your cryptocurrency assets or trading accounts on the FBAR or Form 8938. I am leaving the original post unedited below for posterity's sake, but it should not be considered my current view or opinion.
Hey Guys,
I know that many people in the bitcoin community don't really care about complying with US reporting requirements. While I generally don't recommend that course of action, I especially urge you to reconsider if you had an account at MtGox prior to its collapse. That's because MtGox is no longer in a position to safeguard your confidentiality (if it ever was in the first place). The US has been ruthless in recent years in chasing down US taxpayers with undisclosed foreign accounts, and bitcoin holders are not likely to catch any breaks. The US Attorney's office has already issued a subpoena to MtGox for it's records, and given that Japan already cooperates with US account holder disclosure initiatives, I find it unlikely that the subpoena will go unenforced. Additionally, many large bitcoin holders have joined the class action lawsuit against MtGox/Karpeles for their lost coins, or at the very least filed a claim with the court-appointed bankruptcy trustee. These are tacit admissions in open court of your prior bitcoin holdings. It would take almost no effort on the part of the US Justice Department to obtain and cross-check these records. So, those with qualifying account balances at MtGox prior to it's collapse should strong consider filing an FBAR by the June 30th deadline.
Before anyone says it, I am not trying to spread FUD. I care about this community and do not want to see any of you go to prison or pay outrageous fines that can easily wipe out your bitcoin holdings (and then some). To say the US Government has been ruthless when it comes to FBAR non-filers is an understatement. The MtGox fiasco provides a perfect opportunity for the government to crackdown on the wide spread non-compliance among the bitcoin community. I wouldn't bet against it.
Here is some additional information for those who want to know more:
How do I know if I need to file an FBAR? The FBAR requirement applies if you have more than $10,000 in foreign accounts at any given time during the year. This test looks at the total of all your foreign accounts, not just MtGox. So, you're technically required to look at the daily account balance of the BTC and USD in all your foreign financial accounts and add them up. If the total exceeds $10,000 on any given day, then you are supposed to disclose each account on the FBAR form (even if the individual accounts are less than $10,000). Now, I'm sure many will consider disclosing just their MtGox accounts and leaving off other foreign bitcoin accounts, but recognize that your FBAR in this case would be false and you could be subject to additional criminal prosecution. More information on FBAR filings are available on the [IRS website]
What are the penalties for failing to file an FBAR? The penalty for failure to file an FBAR starts out at $10,000 for non-willful violations. If your failure was willful, the penalty is the greater of $100,000 or 50% of the highest account balance for each account per year. Criminal prosecution is also known to occur.
Willfulness is defined generally as the intentional disregard of a known legal duty. The IRS will typically asserts willfulness if you fail to file FBARs in multiple years. Otherwise, the determination will depend on your knowledge, sophistication, and experience as an investor.
How do I file the form? The FBAR form is actually called FinCEN Form 114 and is e-filed with FinCEN. Here is the link. Note that you will also have to amend your 2013 tax return to check the disclosure box on line 7a of Schedule B. You should also add any unreported income while you're at it, see below.
Which bitcoin exchanges are "foreign?" Most bitcoin exchanges to my knowledge are foreign. MtGox, Bitstamp, BTC-e, BTC-China, BitFinex, and OKcoin are just a few that come to mind. You'll have to do some research if your account is with a different bitcoin exchange. One redditor suggested in the comments that http://bitcoinx.io provides the country information of various bitcoin exchanges.
What if my MtGox account was worth more than $10,000 for just one day? That's all it takes, one-day is enough. You need to file.
What if I can't access my MtGox records? Many former MtGox account holders may find that their records are unavailable. If you are certain that your account balance exceeded $10,000 even without being able to look at your prior records, then I suggest you make a good-faith estimate of your highest account balance. Although guessing is not ideal, it is all you can do under the circumstances and filing your best-guess is better than not filing at all.
Is my paper wallet a "foreign account?" Probably not. It's pretty difficult to imagine that a paper wallet containing would qualify as a “financial account” held at “foreign financial institution”.
Is my blockchain.info or similar online wallet a "foreign account?" These are probably not subject to the reporting requirements either, although it depends on the nature of your account. The most important factor is whether you give custody of your bitcoins to the e-wallet provider. If you do, then your e-wallet is likely subject to the reporting requirements.
On the other hand, if you maintain control of the e-wallet and the provider has no access to your bitcoins, then it’s unlikely your e-wallet is a “financial account.” Without a financial account, you cannot be subject to the reporting requirements.
A simple test is to check if you are given a personal key for the wallet. Most custodial e-wallets do not provide you with a personal key, meaning that you must request a transfer of your bitcoin, which they then execute on your behalf. A noncustodial e-wallet, on the other hand, gives you the personal key and you can transfer bitcoins out of the wallet without any interaction with the e-wallet provider. They have no access to your bitcoins and essentially just generate a valid wallet address for you without keeping any control over your account. Therefore, it would be unlikely that they are maintaining an account on your behalf.
What if I need to file an FBAR for 2012 also? Since the value of bitcoins was much lower in 2012, this is not a problem for most people. However, if you were over the $10,000 minimum in 2012 (or earlier) and did not file an FBAR, I suggest you talk to a tax attorney about your next step. Late FBARs implicate some very serious penalties, and it would be wise to consider all of your options with a knowledgeable attorney before choosing the best course of action.
What if I didn't report the income from my MtGox account (and/or other bitcoin exchange accounts)? You're going to need to amend your returns to include the missing gains, in addition to filing the FBAR forms. If you situation extends back to 2012 or earlier, I suggest you discuss the matter with a tax attorney. Unreported income and missing FBARs for multiple years can trigger criminal prosecution.
Conclusion
FBARs are tricky business and the stakes are exceptionally high. If you are in doubt about your situation, I strongly suggest you contact a tax attorney to discuss your options, particular if your case involves multiple years of missing FBARs with unreported income. Also, this post does not discuss Form 8938, which is an additional foreign disclosure requirement for higher balance accounts and was due April 15th.
Legal Disclaimer
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson P. Cross is a tax attorney in Reno, Nevada. He can be reached at Tel: +1 775-376-5690 or Email: [email protected].
submitted by dblcross121 to Bitcoin [link] [comments]

I am a tax attorney, here are my answers to common questions about bitcoin losses and the rule against wash sales.

Introduction
Hey guys, you might remember my post on bitcoin taxation last year, and a couple follow up posts I made on 1099s, FBARs, and the IRS Notice.
I've been getting a lot of questions about losses on bitcoins and other virtual currencies. So, I thought I'd share some answers here with all of you. I hope this post is helpful given that bitcoin is hovering around 12 month lows and you might be holding bitcoins that have dropped substantially in value or have already sold those coins and realized a loss for the year.
Keep in mind this post is intended for a layman audience. If you are a tax professional or want a detailed examination of this topic, you find this post lacking. Please don't nit pick this post with technicalities or narrow exceptions, I purposely excluded such nuances for the sake of readability.
Legal Disclaimers
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson Cross is a tax attorney licensed in California and Nevada. He represents individuals and businesses with tax issues related to Bitcoin and other cryptocurrencies , including tax return preparation, tax planning, and FinCEN compliance. He can be reached at Tel: +1 775-376-7306 or Email: [email protected]. (this information is required by attorney advertising rules).
Topic 1: Losses
Beginning Assumption: This post deals only with "capital losses." If your bitcoin losses are characterized as "ordinary losses," then these rules wouldn't apply. However, very, very few people will have "ordinary losses" from bitcoin. Unless you qualify as a "day trader" (which is not easy to do) and have elected to use the mark to market method for determining your gains/losses, it's very likely that your bitcoin losses are "capital losses." If you're unsure, talk to a tax professional to determine whether your losses are ordinary or capital.
#1 Do capital losses offset capital gains? Yes. We'll get more into the mechanics of calculating gains and losses below, but for now all that matters is that capital gains are determined on a net basis. This means that all your gains and losses for the year are added against each other to reach either a "net gain" or a "net loss." So, yes, losses do offset gains.
Example: Bob owns three bitcoins and sells all of them in 2014. He had a gain of $600 on coin #1, a gain of $400 on coin #2, and a loss of ($900) on coin #3. Bob has a net gain of $100 for the year.
#2 What about long-term vs. short-term? Do these apply to losses also?
Yes. This is where the mechanics of the calculation start to come into play. Remember that when calculating gain or loss, all gains and losses are sorted into either "short-term" or "long-term" depending on whether the underlying bitcoin was held for more than one year. So, this means that there are actually four categories of gains and losses: (1) short-term gains, (2) short-term losses, (3) long-term gains, and (4) long-term losses.
The short-term gains and short-term losses are added together to reach a net short-term gain or a net short-term loss.
The long-term gains and long-term losses are also added together to reach a net long-term gain or a net long-term loss.
Finally, the long-term and short-term gain/loss are added together to reach one final number: your "net capital gain or loss."
#3 So what does that even mean? Can long-term losses be used to offset short-term gains? Or visa-versa?
Yes. The above calculation boils down to one important point: If you end up with a net loss in one category, that loss will carryover and offset your gains in the other category. So, yes, long-term losses can be used to offset short-term gains.
Keep in mind that this is all handled by your tax preparation software, so if your head is spinning a little bit, don't worry about it. All you need to remember is that losses offset gains of the same character first, and then any excess will carryover to offset gains of the other character second.
Example: Bob sold 2 bitcoins in 2014 that he's owned for 2 years. He had a gain of $1,000 on this sale. Bob also sold 3 bitcoins that he's owned for 13 months. He had a loss of ($1,500) on this sale. Finally, Bob sold 1 bitcoin that he's owned for 9 months. He had a gain $750 on this sale.
Bob has a long-term loss of ($500). Bob has a short-term gain of $750. * *Bob will report a net capital gain of $250 on his tax return (characterized as short-term).
note: For the sake of simplicity, I'm going to purposely disregard the short-term/long-term distinction for the rest of this post since it has very little impact on the issue of losses and would unnecessarily complicate the examples.
#4 Can bitcoin losses offset gains from other types of assets?
Yes. Bitcoins are a capital asset (except in a few limited circumstances), and therefore gains and losses from bitcoins are mixed together with the gains and losses from other capital assets.
Example: Bob sold 2 bitcoins in 2014 for a total loss of ($1,000.) Bob also sold shares of stock in Apple Corporation for a gain of $600 and shares of stock in Netflix for a gain of $400.
Bob has zero capital gains in 2014. Note: Bob still needs to include a Schedule D with his tax return, which will show these transactions and the calculation of his $0 net capital gain.
#5 What happens if my losses exceed my gains?
If you had more losses than gains during the taxable year, then the above calculation will result in a "net capital loss." A net capital loss is reported on your tax return as a negative number.
However, there is a ($3,000) limitation on capital losses. No matter how big your capital loss ends up being, you can only use $3,000 of it on your tax return.
Example: Bob decided that he made a bad investment in bitcoins and decided to cash out entirely. He sells all of his bitcoins for a loss of ($12,000) at the end of the year. Bob also sold some shares of stock for a $2,000 gain earlier in the year.
When Bob calculates his capital gains for the year, he ends up with a ($10,000) net capital loss for the year. However, he can only take ($3,000) of the loss on his tax return. The remaining ($7,000) of losses are put on hold and again carried forward to future years.
#6 What do I do with carried losses in the future? Can I use them to offset future gains?
Yes. Any losses in excess of the $3,000 limitation are carried forward and included in the net gain calculation in future years. There is no limit to how long you carry your capital losses.
*Example: Bob has ($7,000) of carried losses from 2013. In 2014, Bob sold shares of stock for a gain of $7,000. *
Bob will include his carried losses of ($7,000) in the calculation of his net capital gain for 2014. So, Bob has zero capital gains for 2014. Remember: bitcoins are a capital asset, and therefore gains/losses are combined with other capital assets like shares of stock.
Suppose instead that Bob had carried losses of ($15,000) from last year. When Bob's carried losses are included in the calculation of his net capital gains, he'll end up with a capital loss of ($8,000). Bob can report ($3,000) of this loss on his tax return, and the remaining ($5,000) becomes a carried loss and will be carried forward once again.
#7 Can I carry losses backwards to earlier tax years?
Unfortunately, the answer is no. Capital losses can only be carried forward. So, for example, losses realized in 2014 from the price collapse in bitcoin cannot be used to offset gains in 2013 (when bitcoin hit all-time highs).
Topic #2: Wash Sales
#8 What is a Wash Sale?
A wash sale is a transaction where an investor sells stocks or securities for a loss, but then repurchases the same stocks or securities within 30 days. The investor gets to claim a capital loss for tax purposes, but he or she is in essentially the exact same economic position. The loss really only exists on paper, nothing else about the investors position has changed.
Wash sales are prohibited by Section 1091 of the Internal Revenue Code. If a transaction qualifies as a "wash sale," it is essentially disregarded and the investor is not allowed to use the loss it generated (I'm choosing to skip the mechanics of the wash sale rule and how exactly it disallows the loss for the sake of simplicity). This led to a lot of gamesmanship over the years to get around the rules, with the result that Section 1091 and the Regulations cover just about every possible trick you can imagine.
Example: Bob owns 100 shares of Apple stock. On May 1st, Bob sells 50 shares for a loss of ($500). Three weeks later on May 21st, Bob purchases 50 shares of Apple stock. This second purchase of Apple stock triggers the wash sale rule under Section 1091 and Bob will not be allowed to use the $500 loss when calculating his gain/loss at the end of the year.
Note that the rule also applies backwards. So, if Bob tried to get around the 30 day rule by buying the 50 shares of replacement stock ahead of time on April 15th, the wash sale rules would still apply.
#9 Do the wash sale rules apply to bitcoin?
Probably not. The wash sale rules under Section 1091 apply only to "shares of stock or securities." Therefore, they do not apply to bitcoins unless bitcoins (and virtual currencies in general) qualify as "shares of stock or securities." This qualification would seem highly unlikely. There's just really no argument that bitcoins are "shares of stock or securities." The definition for these terms (taken from Section 1236, for example) is "any share of stock in any corporation, certificate of stock or interest in any corporation, note, bond, debenture, or evidence of indebtedness, or any evidence of an interest in or right to subscribe to or purchase any of the foregoing." Bitcoins would not appear to meet this definition.
So, as it's currently written, it does not look like Section 1091 applies to bitcoins and other virtual currencies. That could change in the future of course, but for the moment it seems to be the case.
#10 So can I use a wash sale to generate losses on bitcoin?
Yes. If bitcoins do not qualify as "shares of stock or securities" under Section 1091, then the rules do not apply. This mean that you can sell bitcoins to realize a loss, and then buy them back again to preserve your investment. However, that's not the end of the story. The IRS can attack this transaction with the "economic substance" doctrine, discussed below.
Example: Bob has capital gains from the sale of stock in Apple. He also has some bitcoins that he purchased for $1,200 each last November, but are worth only $300 currently. In order to offset the gains on his shares of stock, Bob sells his bitcoins for a loss of $900 each. He immediately repurchases the same amount of bitcoin, thereby creating a tax loss but not actually giving up his investment in bitcoin.
#11 What is the Economic Substance Doctrine?
The "economic substance doctrine" is a doctrine in US tax law that says a transaction must have economic significance aside from it's tax effects. Basically, a transaction that does nothing else but generate tax benefit is invalid under this doctrine. The parties to the transaction must actually incur some economic benefit or suffer some economic loss in order for it to be recognized by the IRS. A transaction that does neither, but still manages to generate some kind of tax benefit, will be invalid under this doctrine. It's become a very powerful tool for the IRS in attacking tax shelters and the courts are generally pretty supportive of the doctrine.
Because a bitcoin wash sale leaves you in the same economic position, but has generated a tax loss for your benefit, I wouldn't be surprised to see the Economic Substance Doctrine used to invalidate wash sales of bitcoins that would otherwise avoid Section 1091.
Example: The IRS audit's Bob from the previous example and discovers that he sold bitcoins in order to generate a tax loss, and then immediately repurchased the same amount of coins just moments later. The IRS will claim the transaction lacked economic substance and will disallow the loss.
#12 Is it possible to generate tax losses without running afoul of the Economic Substance Doctrine?
It's possible, yes. There is a tried a true principle of the Economic Substance Doctrine under which a transaction has "economic substance" if it exposes the parties to "market risk." This is true even if the market risk doesn't end up doing anything to change the economic position of the parties. As long as the parties put their economic interests at risk, the transaction has economic significant apart from the tax benefits it created.
So, this means that you can avoid the economic substance doctrine by waiting to repurchase your bitcoins. This waiting period exposes you to market risk due to the fact that you might be forced to repurchase at a higher price, and therefore it adds economic substance to the transaction.
**** Continued Below ****
submitted by dblcross121 to Bitcoin [link] [comments]

Another Swiss town now accepts bitcoin for tax payments. Residents can pay local taxes in bitcoin. For online payments, they will have to apply to the Zermatt Tax Office for a crypto payment solution.

submitted by olahdonat3 to CryptoMarkets [link] [comments]

If you use Bitcoin as a payment solution, it is tax free in Denmark. If you sell for fiat (speculation) you pay 53-65% of your profit in tax.

submitted by Martin_Gormsen to Bitcoin [link] [comments]

Meet fellow cryptocurrency miners in the real world this October in Vegas! Share experiences, best practices, new ways of achieving greater profitability and source innovative and cost-effective solutions to your toughest mining issues and challenges.

HASHERS UNITED
9th October - Registration, Networking and Welcome Drinks
10-11th October 2014 - Main Conference
Tuscany Hotel and Casino, Las Vegas
The first global conference for cryptocurrency mining
www.HashersUnited.com
Hashers United brings together professionals, hobbyists and vendors from within mining and throughout the wider cryptocurrency sector. You can expect over 35 workshops and sessions, and more than 25 speakers, including Vitalik Buterin (founder Ethereum) and Charlie Lee (creator Litecoin), specially selected for their expertise and commitment to mining and cryptocurrencies.
Full programme launch soon!
Confirmed speakers so far include:
www.HashersUnited.com
Produced By Final Hash
Final Hash is a mining contract company. It allows people to purchase or lease computer power so they don’t have to own equipment to mine cryptocurrencies. The company offers cryptocurrency enthusiasts with an affordable way to be involved in this exciting, emerging sector.
The company’s partners are well respected in the cryptocurrency community which is how they came to conceive Hashers United. They wanted to find a way in which miners could meet and learn from one another, improve their knowledge on critical issues and help progress the cryptocurrency industry in a positive manner. All of this is to be achieved in a welcoming environment where novices and specialists alike can mingle and exchange ideas and expertise.
www.finalhash.com
submitted by HashersUnited to Bitcoin [link] [comments]

Meet fellow cryptocurrency miners in the real world this October in Vegas! Share experiences, best practices, new ways of achieving greater profitability and source innovative and cost-effective solutions to your toughest mining issues and challenges.

HASHERS UNITED
9th October - Registration, Networking and Welcome Drinks
10-11th October 2014 - Main Conference
Tuscany Hotel and Casino, Las Vegas
The first global conference for cryptocurrency mining
www.HashersUnited.com
Hashers United brings together professionals, hobbyists and vendors from within mining and throughout the wider cryptocurrency sector. You can expect over 35 workshops and sessions, and more than 25 speakers, including Vitalik Buterin (founder Ethereum) and Charlie Lee (creator Litecoin), specially selected for their expertise and commitment to mining and cryptocurrencies.
Full programme launch soon!
Confirmed speakers so far include:
www.HashersUnited.com
Produced By Final Hash
Final Hash is a mining contract company. It allows people to purchase or lease computer power so they don’t have to own equipment to mine cryptocurrencies. The company offers cryptocurrency enthusiasts with an affordable way to be involved in this exciting, emerging sector.
The company’s partners are well respected in the cryptocurrency community which is how they came to conceive Hashers United. They wanted to find a way in which miners could meet and learn from one another, improve their knowledge on critical issues and help progress the cryptocurrency industry in a positive manner. All of this is to be achieved in a welcoming environment where novices and specialists alike can mingle and exchange ideas and expertise.
www.finalhash.com
submitted by CraftBeerJusty to litecoinmining [link] [comments]

Meet fellow cryptocurrency miners in the real world this October in Vegas! Share experiences, best practices, new ways of achieving greater profitability and source innovative and cost-effective solutions to your toughest mining issues and challenges.

HASHERS UNITED
9th October - Registration, Networking and Welcome Drinks
10-11th October 2014 - Main Conference
Tuscany Hotel and Casino, Las Vegas
The first global conference for cryptocurrency mining
www.HashersUnited.com
Hashers United brings together professionals, hobbyists and vendors from within mining and throughout the wider cryptocurrency sector. You can expect over 35 workshops and sessions, and more than 25 speakers, including Vitalik Buterin (founder Ethereum) and Charlie Lee (creator Litecoin), specially selected for their expertise and commitment to mining and cryptocurrencies.
Full programme launch soon!
Confirmed speakers so far include:
www.HashersUnited.com
Produced By Final Hash
Final Hash is a mining contract company. It allows people to purchase or lease computer power so they don’t have to own equipment to mine cryptocurrencies. The company offers cryptocurrency enthusiasts with an affordable way to be involved in this exciting, emerging sector.
The company’s partners are well respected in the cryptocurrency community which is how they came to conceive Hashers United. They wanted to find a way in which miners could meet and learn from one another, improve their knowledge on critical issues and help progress the cryptocurrency industry in a positive manner. All of this is to be achieved in a welcoming environment where novices and specialists alike can mingle and exchange ideas and expertise.
www.finalhash.com
submitted by CraftBeerJusty to Bitcoinforum [link] [comments]

Meet fellow cryptocurrency miners in the real world this October in Vegas! Share experiences, best practices, new ways of achieving greater profitability and source innovative and cost-effective solutions to your toughest mining issues and challenges.

HASHERS UNITED
9th October - Registration, Networking and Welcome Drinks
10-11th October 2014 - Main Conference
Tuscany Hotel and Casino, Las Vegas
The first global conference for cryptocurrency mining
www.HashersUnited.com
Hashers United brings together professionals, hobbyists and vendors from within mining and throughout the wider cryptocurrency sector. You can expect over 35 workshops and sessions, and more than 25 speakers, including Vitalik Buterin (founder Ethereum) and Charlie Lee (creator Litecoin), specially selected for their expertise and commitment to mining and cryptocurrencies.
Full programme launch soon!
Confirmed speakers so far include:
www.HashersUnited.com
Produced By Final Hash
Final Hash is a mining contract company. It allows people to purchase or lease computer power so they don’t have to own equipment to mine cryptocurrencies. The company offers cryptocurrency enthusiasts with an affordable way to be involved in this exciting, emerging sector.
The company’s partners are well respected in the cryptocurrency community which is how they came to conceive Hashers United. They wanted to find a way in which miners could meet and learn from one another, improve their knowledge on critical issues and help progress the cryptocurrency industry in a positive manner. All of this is to be achieved in a welcoming environment where novices and specialists alike can mingle and exchange ideas and expertise.
www.finalhash.com
submitted by HashersUnited to CryptoCurrency [link] [comments]

“If Bitcoin is $100,000 today, and $90,000 tomorrow, you just have to write down the loss,” said co-founder of Alternate Tax Solutions

“If Bitcoin is $100,000 today, and $90,000 tomorrow, you just have to write down the loss,” said co-founder of Alternate Tax Solutions submitted by crypt0sparta to Bitcoin [link] [comments]

Dutch tax authority wants to have bitcoin mixers recognized as money laundering indicators. Guilt is presumed, have to prove your innocense. Monero is the solution

Dutch tax authority wants to have bitcoin mixers recognized as money laundering indicators. Guilt is presumed, have to prove your innocense. Monero is the solution submitted by keesieboy to Monero [link] [comments]

If you use Bitcoin as a payment solution, it is tax free in Denmark. If you sell for fiat (speculation) you pay 53-65% of your profit in tax. /r/Bitcoin

If you use Bitcoin as a payment solution, it is tax free in Denmark. If you sell for fiat (speculation) you pay 53-65% of your profit in tax. /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Taxes Are Harming Bitcoin’s Usefulness - The Solution!

both banks and governments are now starting to move in on bitcoin as a means of exchange and pushing it in to near illegality.Therefore it is obvious some country will have to take the position of the first crypto nation with sound money for the larger and slower moving countries to use testing ground, with good enough accountants that will surely come after the first ever ICO done by a country,one could expect the legal amenities and conditions required to attract a large investment for Marshal's economy and SOV
submitted by aidanball to CryptoCurrency [link] [comments]

G20 countries will regulate crypto-assets "in line with FATF standards" & seek "a solution to address the impacts of the digitalization of the economy on the international tax system". /r/Bitcoin

G20 countries will regulate crypto-assets submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

If you use Bitcoin as a payment solution, it is tax free in Denmark. If you sell for fiat (speculation) you pay 53-65% of your profit in tax. /r/Bitcoin

If you use Bitcoin as a payment solution, it is tax free in Denmark. If you sell for fiat (speculation) you pay 53-65% of your profit in tax. /Bitcoin submitted by cryptoallbot to cryptoall [link] [comments]

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