How to report bitcoin cash and avoid irs trouble.IRS Bitcoin Letter? How to Report Bitcoin to the IRS

 

How to report bitcoin cash and avoid irs trouble.News & Blog

 
Aug 15,  · Even if you do not have to recognize any gain on the exchange, you still have to report the exchange on Form ” If you receive cash or other non-like-kind property (“boot”) in the Estimated Reading Time: 8 mins. Selling some or all of your Bitcoin Cash means you’ll need to treat it as a capital gain and report it via Form If you sell any Bitcoin Cash, make sure you report your receipt as “Other Income” per above, since this will then serve as your basis for offsetting your sale. One CPA’s Opinion: How To Report Bitcoin Cash And Avoid IRS Trouble. EDUCATIONAL. Close. 9. Posted by. Redditor for 11 months. 3 years ago. Archived. One CPA’s Opinion: How To Report Bitcoin Cash And Avoid IRS Trouble. EDUCATIONAL. Edit: bringing seeking_theta’s link to the top of thread – .

Avoid IRS Trouble by Reporting Bitcoin Cash.Avoid IRS Trouble by Reporting Bitcoin Cash | Dynamic Content | CPA Content

 
 
One CPA’s Opinion: How To Report Bitcoin Cash And Avoid IRS Trouble. EDUCATIONAL. Close. 9. Posted by. Redditor for 11 months. 3 years ago. Archived. One CPA’s Opinion: How To Report Bitcoin Cash And Avoid IRS Trouble. EDUCATIONAL. Edit: bringing seeking_theta’s link to the top of thread – . Jun 01,  · The article by Robert Green, CPA, is excellent. It’s the go-to resource on this topic. Interesting that he states that the cost basis per Bitcoin Cash is % of the original value of the Bitcoin, and for some of us, we had to buy hardware wallets to even be able to get the Bitcoin Cash, so there is an added expense, that may or may not be added to this cost ted Reading Time: 3 mins. Aug 15,  · Even if you do not have to recognize any gain on the exchange, you still have to report the exchange on Form ” If you receive cash or other non-like-kind property (“boot”) in the Estimated Reading Time: 8 mins.
 

 

How to report bitcoin cash and avoid irs trouble.How To Report Bitcoin Cash And Avoid IRS Trouble | Green Trader Tax

 
One CPA’s Opinion: How To Report Bitcoin Cash And Avoid IRS Trouble. EDUCATIONAL. Close. 9. Posted by. Redditor for 11 months. 3 years ago. Archived. One CPA’s Opinion: How To Report Bitcoin Cash And Avoid IRS Trouble. EDUCATIONAL. Edit: bringing seeking_theta’s link to the top of thread – . Bitcoin Cash (BCH) – $ 5. EOS (EOS) –$ As of date, the IRS has not responded to the June 10, – Report on Form ? Is qualified appraisal required if FMV > $5,? • Accounting methods – Can the FIFO method or specific identification method. Jun 01,  · The article by Robert Green, CPA, is excellent. It’s the go-to resource on this topic. Interesting that he states that the cost basis per Bitcoin Cash is % of the original value of the Bitcoin, and for some of us, we had to buy hardware wallets to even be able to get the Bitcoin Cash, so there is an added expense, that may or may not be added to this cost ted Reading Time: 3 mins.
 
 
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related:
How To Report Bitcoin Cash And Avoid IRS Trouble
August 2, 2017 | By: Robert A. Green, CPA
Should I report bitcoin cash received in the bitcoin fork in August and how?
Avoid IRS Trouble by Reporting Bitcoin Cash
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IRS Bitcoin Letter? How to Report Bitcoin to the IRS – Lauren Massie CPA, PLLC

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Why sign in to the Community? Submit a question Check your notifications Sign in to the Community or Sign in to TurboTax and start working on your taxes. Community : Discussions : Taxes : Get your taxes done : Should I report bitcoin cash received in the bitco Enter a search word. Turn off suggestions. Enter a user name or rank.

Turn on suggestions. Showing results for. Search instead for. Did you mean:. New Member. Should I report bitcoin cash received in the bitcoin fork in August and how? Topics: TurboTax Premier Windows. Not sure about Bitcoin Gold fair market price. Lack of details by IRS is a huge pain atm. Level 2. It’s the go-to resource on this topic. Interesting that he states that the cost basis per Bitcoin Cash is 9.

So, if you did like someone I know, and dumped your Bitcoin Cash a few months later when the price spiked up, that sale is a separate entry and also taxable.

Still, it’s all good, because you got a bonus with this hard fork that some speculated would be worth mere pennies a week beforehand. What is grievous is the way the exchanges, including Coinbase and others, pretend these hard forks never happened and keep the proceeds to theirselves.

Coinbase did correct that for Bitcoin Cash, but has not done so for Bitcoin Gold. I have read another article, also by a tax firm, that says that stated you declared the proceeds from the Bitcoin Cash in the year you receive them, but for practically everyone, that is FY Bitcoin Gold may be a different story. It is easy to enter this into Form TurboTax has done a nice job of making this section work quite well and there are a bunch of tips on here on how to do this.

This additional article, on the cryptocurrency tax site, bitcoin. The historical chart doesn’t have great granularity, so they may well have a better point on the initial price. They then explain the two confusing and opposite methods for accounting for this taxable “distribution”. Unfortunately, the IRS has issued no guidance on this. Privacy Settings. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.

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