Last year, the crypto community pointed fingers at tax payers liquidating assets in order to cover inflated tax bills due to the substantial gains realized during the 2017 Bitcoin bull run as among the chief reasons the bear market had begun. In 2018, however, the inverse happened, and most cryptocurrency investors suffered massive losses as…
By now, most crypto investors know that the United States government has begun to crack down on the crypto industry, and has begun targeting those who have used Bitcoin and other crypto-assets for illicit crime. As part of the efforts, the Internal Revenue Service has also begun targeting crypto-holding American taxpayers, who may not have…
It’s no secret that many relatively new investors in the cryptocurrency markets have seen massive monetary losses that have resulted from the persisting bear market that first began in late-2017 when Bitcoin began falling from its highs of nearly $20,000. The realized losses that resulted from this drop, however, are tax deductible in the United…
The United States tax deadline has came and went, and thanks to overwhelmingly confusing tax laws, crypto and Bitcoin investors are left scratching their heads, with many outright refusing to report their crypto earnings and losses on their annual tax filing. It’s not U.S. taxpayers who are alone in feeling confused by the complex tax…
To soften the critical blow dealt by the coronavirus to the United States economy, the government issued stimulus checks on last month, and according to data, much of these stimulus checks made their way into Bitcoin and other crypto assets.The boost in economic activity and spare cash may be partly responsible for the recent bullish…
Crypto continues to be a controversial asset when it comes to the law and crime. Just this fiscal year alone, the IRS has seized $1.2 billion worth of cryptocurrency. The U.S. government started seizing crypto assets during the Silk Road shutdown of 2013. And so far since, there has been crypto seized from individuals every…