The Crypto Bullseye Blog™
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Making sense of the new IRS guidance on crypto
Crypto tax craziness is upon us again. The temporary digital asset broker reporting was issued in August 2023 and the IRS received tens of thousands of comments. Almost a year later, the final regs were handed down about a month ago.
What's significan...
Am I in a crypto scam?
You gotta love crypto, but you've got to be alert and vigilant for crypto fraud and scams. You should constantly be asking yourself, "Am I in a crypto scam?" or "Am I about to get scammed?" it's essential to recognize the warning signs and how to navigate the ecosystem. Let'...
Strategies to avoid crypto capital gains
Everyone wants to know how to avoid capital gains tax on cryptocurrency. The magic is in the strategy and the mindset rather than “tax loopholes.” There are a few standard ways to avoid the tax, but crypto offers a cornucopia of returns and therefore differe...
6050I conundrum and the unique challenges of reporting digital assets
In Sec. 6050I Crypto Crackdown Part 1, we discussed the insanity of Form 8300 and the severe penalties for non-compliance. Here we'll continue with why it's so challenging to fit crypto into the narrow inflexibility of Form 8300....
How the new IRS 6050I law affects crypto
The IRS 6050I is the biggest regulatory gotcha in the history of crypto.
I’ve written numerous times about multiple impossible reporting requirements, such as the digital asset broker reporting proposed regulations, including The IRS Tripled Your Crypto Tax...
What are deepfakes?
Deepfakes are the synthetic manipulation of anyone’s likeness in any medium for the purpose of tricking people into believing something false or stealing their money. Fakes of objects, documents or anything else have been around since the beginning of time. As soon as photograph...
Phishing attacks saw an alarming increase of 1300% in 2023, posing a significant threat to your crypto assets. Let’s explore the reasons behind this surge and equip you with strategies to fight back against these malicious attempts at crypto fraud.
Understanding phishing attacks
Phishing attacks i...
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 Digital Asset Tra...
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 to DeFi. It ...
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 mone...
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 value....
