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2017 & 2018 Taxes: Make Sure to Report Your Bitcoin Transactions: $20,000 Threshold

2017 & 2018 Taxes: Make Sure to Report Your Bitcoin Transactions: $20,000 Threshold

Bitcoin and Taxes: Coinbase is Complying with the IRS’s Reporting Requirements.

Remember to Report Your Bitcoin Transactions.

Tax consequences from the sale and trade of bitcoins vary around the world, U.S. taxpayers must treat bitcoins and other “convertible” virtual currency as capital assets and not as currency. Internal Revenue Service (IRS) guidance released in 2014 made clear that capital gains rules apply to any gains or losses following a taxable event.

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The Tax Reform & Tax Rate Changes You Should Know

The Tax Reform & Tax Rate Changes You Should Know

On December 20, the House approved H.R. 1, the “Tax Cuts and Jobs Act,” the sweeping tax reform measure, by a vote of 224 to 201. The Senate had passed the measure, as revised to address some procedural complications, the night before, and the bill was signed into law by President Trump on December 22, 2017.

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2018 Tax Reform Outlook

2018 Tax Reform Outlook

The Republicans are coming off a win with the historic year end passage of their Tax Cuts and Jobs Act. However, there won’t be much time for them to rest on their laurels as there is a lot that Congress needs/wants to get done before the inevitable slow-down that will occur as early as late spring in advance of the 2018 mid-term elections.

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