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Author Archives: Russ
Can You Use a §1031 Exchange to Defer Gain with Cryptocurrency?
I recently wrote an article noting that if you exchange one cryptocurrency for another you have a capital gain (or loss). I was recently asked if you could defer such a gain by using a §1031 Exchange. What Is a … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins
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Gilbert Hyatt (Mostly) Wins at Board of Equalization; What This Teaches Us About Moving from California
Remember Gilbert Hyatt? He’s the microprocessor inventor who made a fortune and then moved to no-tax Nevada from high-tax California, but California’s Franchise Tax Board (FTB) said didn’t move. The case has gotten to the US Supreme Court twice, and … Continue reading
Posted in California
Tagged Domicile, GilbertHyatt
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IRS e-Services Outages the Next Two Weekends
The IRS announced today that they will be conducting their normal Labor Day maintenance this coming weekend. Most IRS e-Services applications will be down beginning Saturday, September 2nd at 8pm EDT, with normal operations scheduled to resume Tuesday, September 5th … Continue reading
The Law Isn’t Fair, But You Have to Pay the Tax
A California couple received an Advance Premium Tax Credit (part of the “Affordable Care Act,” aka ObamaCare). Through bureaucratic errors at Covered California, they’re unable to change their plan once they’re both employed to stop the credit, nor do they … Continue reading
Posted in California, Tax Court
Tagged ObamaCare
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IRS Gives Tax Relief to Victims of Hurricane Harvey
The IRS announced today that they are granting residents of parts of Texas additional time to file certain individual and business tax returns and make some payments; the extension is until January 31, 2018. This relief currently applies for 18 … Continue reading
Posted in IRS
Tagged Hurricane.Harvey
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The IRS Is Coming! The IRS is Coming!
As first reported by Bob McKenzie this morning, the IRS has purchased software to help them identify Bitcoin transactions. The IRS is reportedly using a product from Chainalysis, Inc., a New York-based supplier of products used to analyze Bitcoin activity. … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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Taxes When a Cryptocurrency Splits Into Two
The IRS ruled that cryptocurrencies are treated as property (like stocks and bonds). What happens when a cryptocurrency splits into two separate cryptocurrencies? Let’s start with the analogous situation with a stock. Suppose Acme Industries, Inc. spins off its subsidiary, … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins
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On Tulips and Bitcoins
When I was in junior high school, I remember being taught about the 17th century tulip mania. Tulips in 1637 cost more than a house! That was a bubble (though some economists think there may have been rational explanations, let’s … Continue reading
IRS E-Services Outage Postponed…Again
Back in June the IRS was going to do a major update of their E-Services (what tax professionals, software developers, and return transmitters use to access IRS computer systems). That update was postponed. Last month the IRS announced that the … Continue reading
Did I Prepare 5% of the Tax Returns with Bitcoin in 2015?
The IRS is attempting to force Coinbase to disgorge a list of its customers who have traded Bitcoins. Back in March, an IRS agent, as part of attempting to enforce its summons against Coinbase, stated that there were only 802 … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
Comments Off on Did I Prepare 5% of the Tax Returns with Bitcoin in 2015?