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Tax Treatment of Virtual Currency Charitable Donations

Tax Treatment of Virtual Currency Charitable Donations

by Bill Houston | Feb 7, 2020 | Cryptocurrency

The IRS is beginning to aggressively pursue taxpayers with virtual currency transactions. Some of you may have received a letter from the IRS with varying degrees of threats regarding tax returns filed that show no virtual currency (bitcoin type) transactions when...

IRS is now sending letters to taxpayers with virtual currency (Bitcoin) transactions

by Bill Houston | Aug 14, 2019 | Cryptocurrency, Uncategorized

As part of it’s outreach efforts, the IRS is sending letters to some clients with virtual currency transactions advising them of potential failure to report income and pay taxes resulting from currency transactions or advising that transactions may have been...

TAX IMPLICATIONS OF BITCOIN EXCHANGE TRANSACTIONS

by Bill Houston | Feb 5, 2018 | Cryptocurrency

Virtual currencies (synonymous with the term Bitcoin) can be used to make electronic purchases of physical items or digitally traded or exchanged into dollars, Euros, and other real or virtual currencies.  Peer-to-peer and retail transactions occur electronically...

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