This section focuses on taxes, rules, and regulations regarding cryptocurrency.
Co-Chair of the Congressional Blockchain Caucus, Congressman Tom Emmer (R-MN), is putting forth much needed legislation to provide clarity to tax payers regarding crypto.
In my opinion like-kind property rules for real estate should be applied to cryptocurrency trading. This rule would help smaller investors avoid potential traps, and would still require traders to pay taxes on profits.
The SEC’s Bill Hinman officially announced that Bitcoin and Ethereum are not securities. That hints that Ripple and other top coins like TRON and NEO may not be securities either. However, Hinman noted that many ICOs are securities.
As we have essentially known for sometime, ICOs are almost certainly going to be treated as securities by the SEC. This means about 1/2 of the top coins are likely to be considered securities by the SEC.
Ethereum, TRON, OMG, NEO, EOS, and more are all ICO platforms and many originated as ICOs. If the SEC considers ICOs securities, then about 1/2 of cryptos are securities.
We take a look at how the SEC views cryptocurrency, including them potentially viewing ICOs as securities. Below is my interpretation of statements made by the SEC and actions taken by the SEC pertaining to cryptocurrency.
U.S. taxes are due April 17th. Some speculate that money will rush out of crypto before and in after. Both of those things are logically possible.
April 17th is the U.S. tax deadline to file and pay taxes for 2018. U.S. residents will need to file their crypto taxes or file an for an extension by then. This is true for both state and federal taxes.
There is crypto tax software that can potentially help you in terms of reporting cryptocurrency gains and losses at tax time. We explain your crypto tax software options.
Cointracking.info is cryptocurrency tax software that helps you keep track of your profits and losses for your own records and for tax reporting. We explain and review Cointracking.info.
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