Can I get a Amen?

Gary, Chief Acquisition Officer

Tis’ the season of giving. At least according to the IRS. Good old tax season has arrived.

Bah Humbug!  And all the money grubbing tax collectors will be digging into your crypto wallets. And they won’t be looking for spare change. Don’t let the pocket protectors and the tortoise shell framed glasses fool you. They mean business.

Yes Blanche, clutch your pearls and your crypto! You are obliged to report your crypto earnings on your taxes. All your staggering Bitcoin and Ethereum gains have to be reported. As well as any other crypto gains and/or losses. The IRS views cryptocurrency holdings as property for taxpayers. Coinbase will issue the IRS Form 1099-MISC for rewards and/or fees through Coinbase.com, Coinbase Pro and Coinbase Prime. Ain’t that a snitch! 

However, in the beautiful southern European country of Portugal, your revenue from the sale of cryptocurrency has been tax free since 2018. And trading crypto isn’t considered an investment, so it’s also tax free. Maybe you’re not quite ready to pack up and move the family to Portugal. Well perhaps the spirit will move you to drop some crypto into your church’s collection plate. That’s right my brothers and sisters. Some churches are now accepting Bitcoin and other crypto for tithes and offerings. Is it tax deductible? I have no clue. I’m not an accountant. So please consult with yours to weigh your best options. 

There are also Crypto Tax Software such as Cryptotrader.tax, Koinly, Taxbit.com, Coinpanda.io and Sourceforge.net. And most are free. Happy taxing!

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