An update for Coinbase users and why you should follow this Tax Blog

cryptotax (59)in #bitcoin • 7 years ago (edited)

An update for Coinbase users and why you should follow this Tax Blog

According to Bloomberg, Coinbase was unsuccessful in blocking an IRS summons for customer data, although the scope of the request was narrowed to $20,000 transactions.

Source: https://www.bloomberg.com/amp/news/articles/2017-11-29/coinbase-loses-bid-to-block-irs-probe-of-bitcoin-gains

What this means is the IRS has the potential to force Coinbase to hand over customer data, including personal information and transactions. This is no different than a typical broker which would be required to file form 1099-B to report tax or transactions (or 1099-K for a payment processor).

Any US citizens who have had transactions with Coinbase ( in this year and the past) and who has not already sought the advice of a tax advisor are recommended to do so.

The Crypto Tax E-Book / Blog

There are plenty of resources on this blog that provide general information for cutting through the ambiguous tax law in applying US taxation to Bitcoin, altcoins and ICO tokens. This is hopefully a helpful starting point and heads up for what information to give a tax advisor to start with. The link to the latest e-book is here (a few new articles were posted in the past month too):

New Miner article:
https://steemit.com/money/@cryptotax/bitcoin-earned-from-mining-is-taxable-income-how-to-calculate

E-book as of early October:
https://steemit.com/money/@cryptotax/the-crypto-tax-series-e-book-october-update

I have created all of this content in an open source spirit and have enjoyed learning from others in the community with thoughtful perspectives. If you know anyone who is interested in making contributions, I would certainly include them in future updates to the e-book. If you have any general questions please feel free to comment (but this is not a substitute for you seeking an adviser as it is not tax advice).

Disclaimer: This post is not personal tax advice and cannot be used to avoid taxes or any penalties or interest in any jurisdiction, under circular 230. This article does not create a client relationship between the author in the reader.

Picture Credit
https://pixabay.com/en/users/Alexas_Fotos-686414/

#money #cryptocurrency #finance #investing

7 years ago in #bitcoin by cryptotax (59)

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minnowpond (62) 7 years ago

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cryptotax (59) 7 years ago

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An update for Coinbase users and why you should follow this Tax Blog

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