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Cryptocurrency Tax Collections Ramp Up

Posted by Brandon Keim | Nov 18, 2020 | 0 Comments

Some cryptocurrency traders have made figurative killings with their investments. The world of cryptocurrency investment and speculation indeed has an otherworldly sense to it, both because of the unique nature of cryptocurrency and its roller-coaster rides for investors. Tax law, though, doesn'...

How Should You Report Your Lost or Stolen Cryptocurrency for Tax Purposes?

Posted by Brandon Keim | Jun 10, 2020 | 0 Comments

Although the IRS provided cryptocurrency guidance recently in when it issued Revenue 2019-24, there are still many questions that remain unanswered by IRS guidance. Among the questions unanswered include how one should report cryptocurrency that is lost or stolen. Generally, there are three potential reporting options by individuals, and because of the 2017 tax act, classifying these losses as an abandonment loss is likely to result in the most favorable taxpayer treatment.



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