The Democratic presidential candidate further reaffirmed their position from May, advocating for the protection of individuals' rights to self-custody Bitcoin, operate blockchain nodes from their residences, and implement energy regulations that remain unbiased towards the industry.
Next week, new regulations are expected to be finalized that would mandate crypto companies, including those located outside the EU or dealing in non-fungible tokens, to register with tax authorities.
Officials are confident that next week, finance ministers will reach a formal agreement on legislation that permits the exchange of data regarding crypto and NFT assets among tax authorities.
Any cryptocurrency capital gains, capital losses, or income events need to be reported on your tax return. You can report these events on Form 8949...Read more
Reporting capital losses comes with a tax benefit. Reporting capital losses can offset capital gains and up to $3000 of personal income.Read more
Not reporting cryptocurrency on your taxes is considered tax evasion. The maximum penalty for tax evasion is a $100,000 fine and 5 years imprisonment.Read more
The IRS treats crypto as “property,” which means you’ll need to report certain crypto transactions on your taxes. You’ll even be asked on the main...Read more
You can report staking rewards as “other income” on Form 1040. If you own your own crypto business, then you’ll need to fill out Schedule C.Read more
The type of activity will determine which form you may or may not need. Forms that are often used in crypto-tax filings may include: Form 1040, For...Read more
You don’t pay capital gains on crypto losses. But you shouldn’t just chalk it down to a bad investment, as you can offset your losses against your...Read more
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