Cryptocurrency Tax Compliance: Simplified
Cryptocurrency Tax Prep Services
What is cryptocurrency (or coin)?
Cryptocurrency is digital or virtual currency designed to work as a medium of exchange. It uses cryptography (block chain) to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. For tax purposes, cryptocurrency is treated as property as must be reported on Schedule D of the 1040.
What coin transactions are taxable?
Converting coin to USD
Buying coin with coin
Purchases made with coin
Accepting coin as payment for goods or services
What coin transactions are not taxable?
Buying coin with USD
Transferring USD out of an exchange
Transferring coin between exchanges
Transferring coin from exchange to wallet
Hard forks (cryptocurrency splits)
How can we help you stay in compliance?
Bookkeeping for cryptocurrency transactions
Tracking and converting coin to USD
Federal and state tax returns
Amending tax returns to properly report crypto transactions