| submitted by /u/Fly115
Hi /r/Bitcoin! Thank you for reading this.
I felt the world of digital currencies is a bit too uncertain, so I want to do what I can to create more confidence and certainty! Please let me know if you have any questions or comments (I'll probably respond to every comment here!)
Some "fun" facts you may not know about digital currency taxes
Here's two quick "fun" facts you may not know. We will be posting in-depth articles on these, too. Consider subscribing to our newsletter to hear first when they've been published!
Non-deductible personal loss: You should never exchange your digital currency directly for ANY goods or services. If you happen to have a loss on that trade, it will be non-deductable as capital gains losses ONLY apply to "investment" not "personal use" activity. You can read more about this on Forbes, Time and the IRS website.
FBAR requirements: This isn't explicitly tax related, actually, but a LOT of my US friends do not know about this important filing. If you ever on a single day, even, held $ 10,000 USD worth of value overseas (Binance, for example), you must meet your FBAR online filing requirements. The penalties can be severe for failure to disclose. The deadline is April 15, but it will be extended to October 15 if you fail to file on time. You can read more about this on official government sites General FBAR information, FBAR FAQS (not super helpful IMO) and the online form itself.
Cointaxes was formed and funded with the mission to establish confidence and certainty around cryptocurrency.
We see global adoption of digital currencies as an inevitability. The uncertainty lies in how effectively and smoothly this once-in-a-lifetime shift occurs. As a tax preparation service, we have a special seat in the cryptocurrency ecosystem directly related to this uncertainty: it is our job to help both citizens and governments around the world understand how to use and treat digital currencies.
We will regularly invite regulators, lawyers and tax experts to private discussions and public webinars to ensure you will have a firm understanding with each regulatory shift as the world adopts cryptocurrencies.
We will conduct proprietary research and publish Cointaxes Guides to answer questions you may have about using your digital currency.
We will provide high quality cryptocurrency tax preparation software for individuals and tax professionals.
If our mission excites you
Please know that we are hiring. Contact email@example.com with a resume and cover letter.
If you're are regulator or a crypto-experienced legal or tax professional, please contact firstname.lastname@example.org with some background information and reason for connecting.
Important Disclaimers: This is NOT tax advice and should NOT be relied upon for making any tax decisions. We always recommend speaking to a tax professional before making decisions related to your taxes and our guides are not a substitute for tax advice. While I have assembled and provided this information to the best of its knowledge, I make no representations or warranties as to the accuracy or timeliness of the information contained herein. You can read the full disclaimers here.