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I previously explained how The IRS Kills Crypto in 282 Page Regs Part 1 and how The IRS Kills DeFi in 282 Page Regs Part 2.
Clarifying crypto cost basis
The IRS proposed regs titled, “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for...
Check out IRS Kills Crypto in 282 Page Broker Regs (Part I) to get the background.
The DeFi logic
After digesting Part I at least you understand some of the general background of the IRS’ logic and reasoning. Now let’s examine more specific logic for how the proposed regulations apply...
The background
IRS proposed regulations titled, “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions” were issued at the end of August 2023.
There are 2 places you can view the proposed regs:
Crypto is the goose and airdrops are golden eggs
Airdrops may be the greatest crypto strategy invented and one of several key benefits of investing in cryptocurrency. There is no better feeling than getting free money for doing things you already do in crypto.
Money does fall from the sky and...
Recommended resources for learning crypto
If you successfully invest in anything, you need tools - and crypto investing is no different. The best part is there are many free resources available to learn crypto. Some of these may be obvious but using them as part of a system unlocks even more...
“Should I get into cryptocurrency?”
You probably have friends and family still asking this or you may be asking yourself whether to go deeper into crypto.
Here’s an angle on institutional investors, like hedge funds, pension funds, banks etc. that helps answer the question. The...
Three reasons you could miss Bitcoin reaching $1,480,000 in 2030
Is bitcoin worth investing? Get ready to have your mind blown.
I’ve extracted several key pages on Bitcoin from the Big Ideas 2023 Report by Ark invest to explain how my crypto OG evangelist mind was blown apart....
UK makes crypto tax-free by calling it gambling
The UK wants to be a global blockchain hub but then stated crypto has no value and should be regulated like gambling which makes it tax free. That's insane. This stance is full of hypocrisy and contradictions.
The UK Treasury issued a report in May...
Don't morph into a crypto PIG
By now you've probably heard about pig butchering crypto scams, which are a subset of crypto scamming. I've studied frauds for the last 12 years and I'm especially intrigued by the anatomy of crypto scams and the psychology of the victims.
I'm also a Certified Fraud...
How to Avoid Expensive Crypto Tax Mistakes & Audit-Proof Your Tax Return
My new crypto book
I just published my second crypto book project, The Crypto Tax Blueprint™: How to Avoid Expensive Crypto Tax Mistakes & Audit-Proof Your Tax Return, which took about 2 years to...
How Ledger's new recover service violates the crypto ethos
Ledger’s new “Recover” service may have earned top honors for crypto news of the week. In the eyes of the crypto degens Ledger Recover is a violation of the crypto ethos in 3 major ways.
First, let’s get the skinny...
NFTs will be split into pieces for tax purposes
The IRS recently issued Notice 2023-27: Treatment of certain nonfungible tokens as collectibles. This is the beginning of IRS guidance on NFT Tax. The best part is they are looking for public comments and I was impressed with the questions they...
