8 Cryptocurrency Tax Nightmares: How to Avoid Them ...

Month in Review - February 2018

Link to January's list Crypto moves way too fast for me to keep up, so I started making a list of each day's biggest headline. Below is my list for last month. My main news source was reddit. My main holdings are ETH and NANO, but I tried to make the list as unbiased as possible. Starting next month, I plan on including a source for each headline. Hope you like this, and let me know if you have any feedback!
2/1 - The Proof of Weak Hands smart contract is hacked, resulting in the theft of over 800 ETH. 2/2 - Nano trading opens on OKEX and Binance at the same time. 2/3 - Vitalik Buterin donates $2.4 million in Ether to the SENS Foundation to research therapies against age-related diseases. 2/4 - Days after Facebook banned cryptocurrency related ads from its website, Chinese search engine Baidu and social network Weibo do the same. 2/5 - China bans citizens from accessing foreign crypto exchanges and large western banks ban crypto purchases with credit cards as regulations around the world tighten and the crypto market cap falls to 50% of the all time high. 2/6 - CFTC chairman Christopher Giancarlo advocates a “do not harm” approach to cryptocurrency regulation (and gives a shoutout to hodlers) in his testimony to the US Senate Banking Committee. 2/7 - IOTA announces the IOTA Ecosystem Platform, which will house educational and developer resources, pair up organizations with developers, and support hackathons and philanthropic initiatives. 2/8 - Technical issues with Binance’s database cause it to go down for over 24 hours for maintenance. This leads to accusations by several members of the crypto community, including John McAfee, that the exchange was hacked or is exit scamming, which are debunked by Binance staff. 2/9 - A team of programmers for MyEtherWallet break away to form MyCrypto, hijacking MEW’s Twitter account and causing confusion in the process. 2/10 - Chat logs between the Nano core dev team and BitGrail reveal that the exchange has been insolvent for several months due to critical software issues. Deposits and withdrawals remain frozen. 2/11 - Kyber Network’s decentralized exchange goes live. 2/12 - ICON partners with biometrics tech company Raonsecure to develop a blockchain based identity authentication system. 2/13 - Washington Post’s head of innovation Jarrod Dicker announces he is stepping down to become the CEO of Po.et. 2/14 - Prices across the market rise as the Central European Bank and the South Korean government backpedal on their threats to regulate or ban cryptocurrency. 2/15 - Coinbase issues continue as users report random, unauthorized withdrawals from their linked bank accounts, leaving some with overdrawn accounts. Coinbase confirms the reports and begins to rollback the transactions. 2/16 - Visa issues a statement clarifying that the unauthorized transactions are not the fault of Coinbase. 2/17 - The CFTC urges investors to avoid crypto pump-and-dump schemes and offers a bounty to whistleblowers of such groups. 2/18 - Pro gaming team NRG utilizes Enjin Coin in their fan rewards system to educate their followers on blockchain technology. 2/19 - The Wyoming state senate proposes a bill that would exempt cryptocurrencies from tax considerations. 2/20 - OmiseGo signs a deal to produce both a payment and identification system for the Thailand government. 2/21 - Venezuelan president Nicolas Maduro announces that the first round presale of the Petro, the country’s new oil-backed cryptocurrency, has raised $735 million. 2/22 - Robinhood’s Bitcoin and Ethereum trading platform goes live in 5 U.S. states. 2/23 - Coinbase completes implementation of full Segwit support on GDAX to reduce Bitcoin transaction times and fees. 2/24 - TD Bank becomes the latest large bank to ban cryptocurrency purchases with credit cards. 2/25 - During a meet with Sberbank, Russia’s largest bank, Vladimir Putin stresses the importance of staying ahead of the curve in blockchain technology. 2/26 - P2P payment tech company and ex-Bitcoin purchasing service Circle, which is backed by Goldman Sachs, acquires cryptocurrency exchange Poloniex for $400 million. 2/27 - In a Reddit AMA, Microsoft founder Bill Gates condemns cryptocurrency, saying that it is a rare technology that directly causes deaths, and that investing in an ICO is extremely risky. 2/28 - OmsieGo releases its open source e-wallet software development kit (SDK) which allows developers to integrate OMG wallet services into websites and phone apps.
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5 Mistakes To Avoid When Filing Cryptocurrency Taxes Crypto taxes have been a grey area for a while; with many crypto traders being confused about how to file returns when it comes to crypto profits. However, in the past few years, the IRS has clarified most ambiguous issues around crypto taxation. How to handle the taxes? You can easily handle the taxes through services like Node40’s blockchain Accounting Tax service. How to initiate the transaction? You need to understand that in order to buy a house in Bitcoin, it is important for you to make sure that both the parties are okay with the Bitcoin-based transaction. You can transfer the Bitcoins directly and it is up to the seller to ... And because plenty of people might not understand how taxes on their bitcoin or ethereum work, plenty of those same people are in the process of backing themselves into a cryptocurrency tax nightmare — the sort of bad dream where you’re giving a speech to a room full of bitcoin only to realize that your 1040 has been showing the whole time. So, here’s a look at some of the potential ... While it seems many U.S. citizens haven’t been paying taxes on their Bitcoin mining activity, it is important for you to know that mining bitcoin is not exempt from taxes in the U.S.. It doesn’t matter if you’re mining specifically for profit as a business, or if you’re mining casually as a hobby, there are tax consequences that need to be addressed. Those who hold bitcoin for more than a year and then sell it, however, are only liable for a long-term capital gains tax, which is levied at a significantly lower rate of 15% to 23.8%. Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. Foreign Crypto Exchanges Like Paxful, Binance to Pay 1.5% Tax Under ... Tax enforcement is difficult as crypto addresses usually don’t have a names publicly attached to them, so the tax man struggles to realize who should pay the taxes. The IRS reports that about 800 to 900 Americans filed taxes on property “likely related to Bitcoin” in the years 2013, 2014 and 2015.

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