Taxable Events List

#1

With so much information regarding Crypto and Taxes, I thought it would be useful to de-decentralize that information into a central quick reference list for TheBitcoin.Pub community.

Wouldn’t it be great to ask/see a scenario involving crypto and have a general idea if it’s taxable or not?
So here we are:

Ask a scenario here: https://forms.gle/fyqKqYKj9sikfNQ79
(Responses are not immediate, but check back to see when it’s answered)

Form_Taxable_Crypto_Events_TheBitcoin_Pub

And you can view the results here:
http://bit.ly/TaxableCryptoEvents

taxable_events_thieBitcoin_pub

Disclaimers:

  • Not Financial Advice
  • Not a replacement for a CPA/Tax Attorney
  • Educational purposes only so you can have a better conversation with your tax professional.
  • The form has a buffer - inappropriate questions do not display
8 Likes
#2
  1. If any CPA’s want to weigh in on the responses, Message me privately with your email and I’ll share the Google Sheet.

  2. If you see something you know to be wrong/incorrect/incomplete, please comment so we can keep this updated and viable for others.

5 Likes
#3

This is in incorrect- Mining is income when received and established cost basis- question 8 on IRS Notice 2014-21.

6 Likes
#4

Airdrops is an unaddressed issue as well as forks.
Either count as income when received and establish basis OR zero basis when converted

5 Likes
#5

Fees are no longer deductible on Schedule A.
Some fees can be capitalized on basis

FIFO is the most acceptable method but not the only method. No clarification provided yet by IRS

5 Likes
#6

Hi Thanks!
message me and you can edit teh google sheet in real time!!

3 Likes
pinned #7
#8

Most excellent. I shall tweet!

2 Likes
#9

Updated! Thanks @Kate21

1 Like
#10

You bet! This is so helpful :+1:

2 Likes
#11

Brad, atleast 1, 2 and 3 are wrong - There is no time that the basis of these transactions is $-0- and that gain is realized when sold.

I just stopped right there. It’s actually best that you withdraw this article.

2 Likes
#12

Thank you for your feedback, but the data can be corrected.

People need to know what questions to ask their tax professional and understand some sort of reasoning why.

I find it rather improbable the average non-crypto accountant will ask these questions to to their clients, and that can have a negative financial or legal impact.

This is not intended to be “how to file your taxes guide”, but rather “know what activities in crypto could have tax implications, and discuss it with your own CPA” - - I think I make mention of this disclaimer in as many places as possible.

Based on your disapproval of items 1,2,3, at best I can redact the responses and await a tax professional to fill in the appropriate answers.

1 Like
#13

Advice to all:

If your accountant either admits to not knowing about crypto taxation or thinks that they can bill you for time learning about it … run away!!

Seriously.

2 Likes