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Cryptocurrency and the Wash Sale Rule

February 11, 2022

Cryptocurrency and the Wash Sale Rule The IRS classifies cryptocurrencies like Bitcoin, Ethereum, Dogecoin, or Shiba Inu as property. Cryptocurrency investors are subject to the same capital gains and losses rules that apply to other investors, with one important exception. Cryptocurrency investors escape the wash...

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Is Crypto Staking Taxable

September 4, 2021

Is Crypto Staking Taxable? Receiving staking rewards is a taxable event in the U.S, similar to receiving interest from your crypto from comparable investment vehicles. When you receive staking rewards, you need to assess its Fair Market Value (FMV) in USD and recognize ordinary income in that amount. This would not...

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Cryptocurrency and FATCA

April 9, 2021

Cryptocurrency and FATCA What are the FATCA Tax Reporting Requirements? Under the Foreign Account Tax Compliance Act (FATCA), U.S. taxpayers who meet certain thresholds of money and assets in overseas or offshore bank and financial accounts are required to make a disclosure each year on Form 8938. For unmarried couples,...

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What is Crypto Mining and How is Cryto Mining Taxed

February 17, 2021

What is Crypto Mining? How is it Taxed? Crypto mining is a process in which a machine performs certain tasks to obtain a little bit of crypto currency. Imagine that you have a machine that mines crypto coins. We’ll talk about the specific types of machines later on in the tutorial, but for example’s sake,...

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