The Crypto Bullseye Blog™
Get the latest crypto intel.
🔒 Your information is safe with us. We'll never share your email or spam you.
Building on our previous blog post about final IRS broker regs, here's what else you should know if you're a digital asset holder.
The IRS states:
“Section 1.1012-1(h) and (j) of the 2024 final regulations will apply to all acquisitions and dispositions of digital assets on or after January...
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...
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...
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...
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...
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:
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...
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...
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...
Some losses are more valuable than others.
We're still fresh off of the original US individual tax deadline. It's still a good time to discuss crypto taxes since crypto tax season essentially never ends. In addition, the AICPA recently issued an IRS comment letter regarding the treatment of...
