Deducting Cryptocurrency Losses

Cryptocurrency Losses

Many investors in cryptocurrencies have seen their investments lose significant value in recent months. U.S. taxpayers who have losses from their digital asset investments or have had them stolen can deduct losses. For individual taxpayers, typically the loss from the sale of crypto assets will result in a capital loss.  Capital losses can offset capital […]

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Bitcoin Miners Experience Significant Losses Over Declining Market Prices

Bitcoin Miners Experience Losses | Crypto Tax Lawyers

Prepared by Chris Klug, founder of Klug Counsel The recent decline in market prices for Bitcoin has taken a toll on miners, who have seen their profits slashed.  According to data from BitInfoCharts, the average daily revenue for a Bitcoin miner has declined from around $13,000 at the beginning of 2018 to just $4,000 by […]

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IRS on Digital Assets

IRS on Digital Assets

Prepared by Gina Lee, Senior Associate at Klug Counsel The Treasury Department is looking to require information reporting on digital asset transactions similar to other financial instruments, such as stocks and bonds. In an April 7 speech at American University outlining the Treasury’s digital asset policy, Treasury Secretary Janet Yellen said: that “appropriate guardrails” are […]

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