Crypto Taxation in USA
A Comprehensive Guide to Navigating Digital Assets and Taxation
- English
- ePUB (mobile friendly)
- Available on iOS & Android
Crypto Taxation in USA
A Comprehensive Guide to Navigating Digital Assets and Taxation
About this book
"Crypto Taxation in USA " is a comprehensive book for everyone from crypto investors to tax professionals, offering a detailed overview of how the IRS taxes digital asset transactions when actual tax law that applies to digital assets are still to be enacted by Congress. Discover what constitutes a taxable event—from trading and staking to mining and even airdrops of cryptocurrencies. The guide also delves into hot topics like the taxation of NFT transactions and Initial Coin Offerings (ICOs)by blockchain companies. Stay current with the latest IRS guidelines, including new memos and revenue rulings updated for 2023. Whether you're a seasoned investor or a crypto newbie, this book equips you with the knowledge to make informed financial decisions in the ever-evolving world of cryptocurrency. Here are the list of topics covered:
What is a cryptocurrency under US Tax law?
What are the taxable events for cryptocurrency transactions?
How is gain or loss on the sale of crypto taxed?
How IRS tax staking rewards?
Taxation of receipt of cryptos by airdrops.
How IRS tax receipt of cryptos on hard-fork?
How is the gift of cryptocurrencies taxed?
How are cryptocurrencies rewarded on mining taxed?
How is the swapping or exchange of cryptocurrencies taxed?
How is the payment of cryptocurrencies for goods or services creates taxable event?
How do NFT transactions get taxed?
What are the Reporting Requirements for Crypto transactions?
Can you offset losses of crypto trades?
Can you claim diminution in value of cryptocurrency?
Can you argue "theft " by the crypto exchange and claim loss under section 165?
Whether exchanging cryptocurrencies qualify for like-kind exchange under section 1031?
Is reporting of digital currency in a foreign account required?
Claiming deduction for donating cryptocurrencies to charities.
Is the rule of "backup withholding" applicable to payments through cryptocurrencies?
How is the Initial Coin Offerings taxed?
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Information
Table of contents
- 1. 7 quick bytes about cryptocurrency under US tax law ?
- 2.What are the taxable events for cryptocurrency transactions?
- 3. How is gain or loss on the sale of crypto taxed?
- 4. How IRS tax staking rewards ?
- 5. Taxation of receipt of cryptos by airdrops.
- 6. How IRS tax receipt of cryptos on hard-fork ?
- 7. How is the gift of cryptocurrencies taxed ?
- 8. How are cryptocurrencies rewarded on mining taxed?
- 9. How is the swapping or exchange of cryptocurrencies taxed ?
- 10. How is the payment of cryptocurrencies for goods or services creates taxable event?
- 11. How do NFT transactions get taxed?
- 12. What are the Reporting Requirements for Crypto transactions?
- 13. Can you offset losses of crypto trades ?
- 14. Can you claim diminution in value of cryptocurrency ?
- 15. Can you argue “theft “ by the crypto exchange and claim loss under section 165 ?
- 16. Whether exchanging cryptocurrencies qualify for like-kind exchange under section 1031 ?
- 17. Is reporting of digital currency in a foreign account required?
- 18. Claiming deduction for donating cryptocurrencies to charities .
- 19. Is the rule of "backup withholding" applicable to payments through cryptocurrencies?
- 20. How is the Initial Coin Offerings taxed ?
- Part B-IRS Guidance on Digital Asset Transactions
- 1IRS Notice 2014-21
- 2.Notice 2023-34
- 3 Revenue Ruling 2019-24
- 4 Revenue Ruling 2023-14
- 5 Chief Counsel Advice Memorandum dt 8/28/2020
- 6 Chief Counsel Memorandum 202302012 dt 13th January 2023
- 7 Notice 2023-27 , March 2023
- Part C-The Basics of Cryptocurrency
- Part D : Terms Commonly Used in Crypto World
- About Prashant Kr Thakur