Crypto tax attorney
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The idea is this: The IRS is not going to let you or your employer circumvent the tax rules to avoid paying tax, just because you received cash equivalent instead of actual cash. From a baseline perspective — you work, and as a result of your work you were paid, and now the IRS wants its cut. For one reason or another Jennifer wants to Exchange her bitcoin for Peters Litecoin. In other words, when you exchange one piece of property for another, you receive the property at the current market value.
So, if you received a piece of property which is more valuable than the property you have, you pay capital gain tax usually on the gain. You determine the tax by subtracting the cost of the purchase of the property from the market value of the property you received, to determine your gain amount — and you pay tax on the gain amount. You Received Cryptocurrency as a Gift This is a common issue our cryptocurrency tax lawyers see daily: If you receive cryptocurrency as a gift, the typical tax rule is that you receive the carryover basis, which will serve as the basis for your crypto currency.
Since your grandma spends her days researching cryptocurrency, she believes her investment is going to increase in value. She gives you the cryptocurrency and tells you to go enjoy yourself. You decide you want to buy a house, but they do not accept Cryptocurrency as legal tender, so you sell the crypto first. But, she was smart, she had a will, and she left you her cryptocurrency in the will. Under estate tax rules, you receive the market value of the property on the date your grandma passed aka Stepped-Up Basis.
Unfortunately, at this time rules do not apply to cryptocurrency for exchanges for coins in and subsequent e. Avoiding Tax Another common issue cryptocurrency tax lawyers have to handle is related to tax compliance. Most, if not all crypto-exchanges track and report the information, and will provide it to the IRS — whether they want to or not.
Coinbase Summons In fact, even Coinbase one of the largest if not the largest exchange lost its fight against the IRS, and has to disclose the names of many of it clients. Government, coupled by the penalties associated with noncompliance of required foreign disclosure activities. Do You Report Overseas Cryptocurrency? Since the IRS has determined that cryptocurrency is actually property and not currency, common sense would dictate that it would not need to be reported on the FBAR…since the FBAR it Is used to report foreign accounts.
But not so fast…. For example, a safety deposit box in the bank would not be considered an account, and if you read various blogs they would all say that a safety deposit box is not considered an account. The blog will also tell you the precious metals and stones of course do not need to be reported.
In other words, the information can be conflicting. Typically, the Government and courts will err on the side of the U. But, the further away you drift from that situation, the more you have to consider whether you should report. For example: Is there virtual currency and regular currency in the same account? Have you exchanged the currency for cash and left it in the trading account?
Get in touch with Crypto Tax Lawyer today. Crypto Tax Solutions Crypto Taxes for Individuals All cryptocurrency transactions are taxed in Canada, including selling crypto, buying goods and services, giving crypto as a gift, or trading one cryptocurrency or another. Crypto Taxes for Businesses Taxpayers who frequently trade cryptocurrency may benefit from operating a cryptocurrency trading business as a CCPC Canadian-controlled private corporation to reduce their crypto tax bill.
A cryptocurrency lawyer in Canada can help with crypto tax planning and finding tax advantages. What Our Clients Say "I had been looking for crypto tax advice for sometime, however, because it is a relatively new subject it was difficult to source credible information. This all changed when I spoke to Kevin at taxpage. He was very knowledgeable and was able to give me exceptional personalized advice.
Would recommend! Thorough analysis was done and good recommendations were made. Overall good service. A cryptocurrency tax lawyer has Canadian tax expertise in the taxation of crypto currency and NFT's and can help you with all of the tax consequences of crypto transactions as well as with crypto tax planning to reduce taxes owing from your crypto portfolio. David J. Rotfleisch is not only a certified specialist in taxation lawyer but also a chartered professional accountant in Toronto with expertise in cryptocurrency transactions and your tax and reporting obligations.
What can a crypto tax lawyer do for you? A cryptocurrency tax lawyer will help you determine how your crypto or NFT transactions should be reported and taxed. If you have unfiled taxes from crypto transactions, if you are being audited or the CRA is taking collection actions against you a cryptocurrency tax lawyer will stand up for your rights and will provide tax planning advice. Whether you are new to NFTs and cryptocurrency or you are catching up with your tax obligations, a crypto tax lawyer will help you navigate the process and save money.
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