IRS issues temporary relief on crypto cost-basis method changes
The IRS’ new rules could have been “disastrous” for crypto taxpayers during the bull market, a crypto tax executive said. Go to Source
Shehan Chandrasekera
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IRS Tells Couple With $7 Million in Bitcoin to Liquidate Crypto Assets and Pay off Tax Debt
The Internal Revenue Service (IRS) has won a case in which it demanded that a Maryland couple liquidate their bitcoin to pay-off a $1.1 million tax debt. Alexander and Laura Strashny proposed to the IRS to pay their 2017 tax liability, generated from non-crypto activities, in installments over a six-year period. But after seeing the … Read more
Loophole in U.S. Tax Law Could Allow Bitcoin Traders to Write off Unlimited Losses
A loophole in the U.S. tax law could allow qualified bitcoin traders to write off unlimited losses from their trading activities, according to an expert from crypto tax platform Coin Tracker. Traders, defined by U.S tax collection agency Internal Revenue Service (IRS) as people who trade substantially, regularly and continuously, are allowed a maximum capital … Read more
