Tag: capital gains

On Thursday, March 9, U.S. President Biden revealed his budget proposal for 2024. Under the Biden Budget, the U.S. Treasury Department is looking to introduce a 30% excise tax on crypto mining operations. According to a section in the Treasury department’s 2024 revenue proposals document, the Biden administration advances the motion...

Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, give a full accounting of everything U.S. crypto traders should be aware of as we inch closer to April 18. The two tax experts discuss the latest on how the IRS is approaching crypto taxation, going deep on everything from staking rewards to NFT royalties. Just a...

Bitcoin hasn’t reached mass adoption because it isn’t being used as a medium of exchange. By spending bitcoin, we can demonstrate its usefulness as money.Don McAlister is a technologist and has made several video tutorials on Bitcoin.While primarily viewed as a store of value, and considered by many as a fantastic savings technology, bitcoin has yet to reach mass adoption. There...

The proposed legislation seeks to reduce friction in the usage of bitcoin as a daily currency.A bipartisan bill introduced Thursday would exempt bitcoin transactions from tax obligations if the associated capital gains are $200 or less, seeking to incentivize the digital currency’s usage as a medium of exchange in the U.S. economy. Currently, any gain obtained from the sale of cryptocurrency must...

If an unrealized capital gains tax is enacted, it could have major ramifications for the economy and create a dangerous precedent.Bitcoin HODLers live by the words of the 1987 Rick Astley hit song, “Never Gonna Give You Up.” Many have held their stack for years, through steep price declines, only to see the price ratchet up to new highs every year. In...

Sadly for them, paper hands people are breaking all kinds of records. Nobody expected a Bitcoin winter this early, and recent investors who lack conviction have been selling at a loss for a while now. Glassnode...

What are the basics that everyone should know about how their bitcoin is taxed in the United States?Is the purchase of bitcoin taxable? Do you pay taxes on the sale of bitcoin? What transactions require me to report my Bitcoin? These are questions nearly every Bitcoiner has asked themselves at some point in their Bitcoin journey. The topic of taxes and bitcoin...

This tax season, it may be worthwhile to consider making a bitcoin donation to reduce one’s taxes through philanthropy.This year is on track to be a record year for bitcoin donations as more donors continue to learn about the tax benefits of donating bitcoin instead of fiat. Why do so many high-networth individuals make large gifts of equities or bitcoin instead of...

Report: Biden Seeking To Nearly Double Capital Gains Taxes For Wealthy AmericansPresident Joe Biden is considering raising the U.S. capital gains tax rate by nearly double for the wealthiest Americans to pay for agenda items, according to Newsweek. Naturally, any raise...

U.K.'s finance minister Rishi Sunak has announced a generous budget to steer the economy through the COVID-19 crisis. The capital gains tax rates were unchanged, easing fears of a tax hike among crypto investors. UK Budget Delays Tax Hike Rishi Sunak said that he would do "whatever it takes" to support the economy in the crisis and begin fixing public finance in terms...