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Category Archives: Cryptocurrencies
Coinbase To Comply With IRS Summons
Two of my clients received an email from Coinbase: Dear Mr. Smith, In December 2016, the Internal Revenue Service issued a summons demanding that Coinbase produce a wide range of records relating to approximately 500,000 Coinbase customers. Coinbase fought this … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins, Coinbase
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Are Cryptocurrency (Bitcoin) Transactions Always Short-Term?
One of my clients sent me a link to a tweet (on Twitter) from Peter Brandt: Nope. Wrong. The IRS will not consider BTC for long term gains. Short-term no matter how long held. — Peter Brandt (@PeterLBrandt) December 8, … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins
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IRS Mostly Wins Coinbase Summons Fight
The IRS has been battling Coinbase, the United States’ largest cryptocurrency exchange, in a fight to obtain information about individuals who sold Bitcoins during 2013, 2014, and 2015. The IRS issued a summons to Coinbase–basically, an administrative demand for information. … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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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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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
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
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Exchanging One Cryptocurrency for Another Is a Taxable Event
Let’s assume I own some Bitcoins and you own some Ethereum; these are two cryptocurrencies. We think they’re each worth $5,000 and we agree to swap them. Do we have a taxable event? The IRS consideres cryptocurrencies to be akin … Continue reading
Posted in Cryptocurrencies, IRS
Tagged Bitcoins
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