The new federal budget states that Bitcoin will fall under the “current tax treatment of digital currencies, including the capital gains tax treatment, where they are held as an investment.”
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Category: Bitcoin taxation
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NFL star’s massive tax bill highlights problems with BTC salaries
Odell Beckham’s reported BTC salary tax debacle may provide a dire warning for anyone looking to get paid in crypto.
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Kenya Expects to Earn $46 Million as New Tax Targeting Crypto Exchanges Comes Into Force
The Kenya Revenue Authority (KRA) is expecting to earn up to 5 billion Kenyan shillings ($45.5 million) during the first half of 2020 from a new tax that targets cryptocurrency exchanges and other online services, according to a top KRA official. First proposed in August 2020, the digital service tax (DST) came into force on […]
The post Kenya Expects to Earn $46 Million as New Tax Targeting Crypto Exchanges Comes Into Force appeared first on Bitcoin News.
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Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law
Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale of Digital Currencies) bill in the Israeli […]
The post Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law appeared first on Bitcoin News.
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Loophole in U.S. Tax Law Could Allow Bitcoin Traders to Write off Unlimited Losses
A loophole in the U.S. tax law could allow qualified bitcoin traders to write off unlimited losses from their trading activities, according to an expert from crypto tax platform Coin Tracker. Traders, defined by U.S tax collection agency Internal Revenue Service (IRS) as people who trade substantially, regularly and continuously, are allowed a maximum capital […]
The post Loophole in U.S. Tax Law Could Allow Bitcoin Traders to Write off Unlimited Losses appeared first on Bitcoin News.
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Eight Countries That Don’t Tax Your Bitcoin Gains
As world governments push through legislation to levy taxes on capital gains from bitcoin (BTC) transactions, seeking to earn more from an asset class that frowns on regulatory oversight, there are still a few countries that remain pro-crypto, allowing investors to buy, sell or hold digital assets at zero taxes. Circumstances vary, but the real […]
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IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users
A recently published U.S. Internal Revenue Service (IRS) slide describes alarming recommendations on how tax agents should deal with digital currency users who are not paying taxes. The slide recommends that agents question crypto users’ friends and family, comb through social media posts and issue subpoenas to make sure U.S. residents are paying taxes on […]
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IRS Plans to Issue Guidance on Virtual Currency Taxation
Internal Revenue Service (IRS) commissioner Charles Rettig has explained to U.S. representatives that the tax department plans to issue clearer guidance toward cryptocurrency taxation soon. Since 2014, Americans have been asking the tax agency for better clarification in regard to official tax guidelines. Also read: Last Will Platform Allows Your Loved Ones to Inherit Your […]
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After Making Over $800K From Crypto, One Investor Now Owes The Government $400K In Taxes
We have all heard about the crypto millionaires; people who invested in cryptocurrencies before the rest of us had a clue about what Bitcoin was. These investors saw their investments rise 10, 20 and even 50 times and reaped millions of dollars in months. However, very rarely do we hear how these gains became the […]
The post After Making Over $800K From Crypto, One Investor Now Owes The Government $400K In Taxes appeared first on NullTX.
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US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance
On Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when US […]
The post US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance appeared first on Bitcoin News.
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