The 2017 Edition E-Book is Complete! If you are new to my blog, it is geared towards U.S. citizens and covers tax reporting from the perspective of (1) a cryptocurrency investor, (2) a Steemit author and (3) a cryptocurrency miner.
Goals
I joined Steemit and began blogging in August 2017, and while I haven’t covered every topic I had planned to yet, I am still pleased to complete 15 unique articles on U.S. cryptocurrency taxation. The plan has been to categorize these articles into an open source e-book and release as a post periodically (so that it is easy to jump between articles in a logical order). I will continuously update the E-Book over time as significant additions are made to the content (but not so often as to become spam-y, this is a monthly or bi-monthly e-book post).
Because my last update the e-book was in October, December seemed a like a good time to release the “final” 2017 e-book.
Onward to 2018
For 2018, I have more topics planned.
(1) Deductions First, I plan to go into more detail into the tax deduction side of the equation (the Steemit authors).
(2) Cloud Mining I would also like to discuss cryptocurrency cloud mining and high yield lending from the tax perspective.
(3) Bitcoin ETF GBTC I temporary held GBTC (the EFT that holds approx. 0.092 bitcoin per share) which treats itself as a trust for U.S. tax purposes, I would like to write an article on considerations for people that bought/sold the stock and recently received a Bitcoin cash dividend.
(4) Initial Coin Offerings (ICO)’s vs. IPO’s – I would like to provide an article discussing the U.S. tax equation of an Initial Public Offering of common stock (company side and investor side); and compare that to the Initial Coin Offering.
(5) General Compliance I received a helpful suggestion that some general discussion of the process of estimated tax filings would be a good tool. There may be some other topics that come to mind along the way.
(6) Bitcoin Tax Compliance Websites One other topic that interest me is the data aggregation websites that will do the “crypto tax” reporting by offering a software package. I would like to provide a technical review including pros and cons of the packages. This isn’t my highest priority unless I receive requests to prioritize it, but definitely would be interesting.
(7) Tax Reform/Current Events – If tax reform or future guidance could impact any of the previously published content, I would like to provide article updates.
In Summary
Please enjoy; feel free to comment or clarify any of the content. This is intended to be in an open source nature, so if you have content you would like added that is relevant. Happy holidays and New Year!
P.S. I may fit in another 1/2 articles before year-end, but the holidays are so busy so we shall see.
Crypto Tax E-Book – 2017 Edition
Introduction To Series
Part I-A – General Tax Consequences of Holding Crypto for Investment under U.S. tax law (part 1 examination of Notice 2014-21)
Section #1 (General): https://steemit.com/money/@cryptotax/crypto-tax-blog-investing-in-bitcoin-let-s-learn-u-s-tax-rules-part-i-a
Appendix A (Securities): https://steemit.com/money/@cryptotax/your-ico-tokens-may-be-securities-does-it-impact-your-u-s-taxes
Appendix B (Examples): https://steemit.com/money/@cryptotax/bitcoin-taxes-help-me-please
Appendix C (Like Kind Exchange): https://steemit.com/money/@cryptotax/cryptocurrency-like-kind-exchanges-what-can-we-learn-from-gold
Appendix D (Loss from Theft/Ponzi) https://steemit.com/money/@cryptotax/was-your-bitcoin-stolen-potential-tax-benefits-for-your-loss
Part I-B – General Tax Consequences of Performing Services for Crypto in Exchange under U.S. tax law (part 2 examination of Notice 2014-21 and Sec. 83)
Section 1 (General): https://steemit.com/steemit/@cryptotax/are-steemit-author-and-curation-rewards-taxable-usa-edition
Section 2 (Deeper Analysis): https://steemit.com/steem/@cryptotax/are-steemit-rewards-taxable-in-the-usa-part-2
Section 3 (Examples): https://steemit.com/steemit/@cryptotax/crunching-the-numbers-example-of-how-to-calculate-taxable-income-on-your-steemit-author-rewards-usa
Section 4 (Steem Dollar Update): https://steemit.com/steemit/@cryptotax/for-u-s-steemit-authors-the-new-steem-dollar-sbd-tax-dilemna-because-it-couldn-t-get-any-more-complicated
Part II – U.S. Tax Consequence if you held and received Bitcoin cash during hard fork
Related (Tax Fork Concept): https://steemit.com/bitcoin/@cryptotax/using-blockchain-to-pay-tax-debts-can-a-bitcoin-tax-fork-btax-pay-your-tax-bill
Gold Fork: https://steemit.com/money/@cryptotax/is-bitcoin-gold-is-taxable-in-the-u-s
Part III – U.S. Tax Consequence of Mining
Section 1 (General): https://steemit.com/money/@cryptotax/bitcoin-earned-from-mining-is-taxable-income-how-to-calculate
Part IV – Current Events
November 2017 – Coinbase Update: https://steemit.com/bitcoin/@cryptotax/an-update-for-coinbase-users-and-why-you-should-follow-this-tax-blog
2017 Conclusion - This article
Disclaimer: This series contains general discussion of U.S. taxes in a developing and unclear area of tax law. As always, you should consult your own tax advisor in your jurisdiction to determine your specific situation as this is not personal advice; and consider any future guidance by the Congress/IRS after the date of this article. Under Circular 230 to the extent it applies, this article cannot be used or relied on to avoid any tax or penalties in the U.S., its States or any other jurisdictions. This post/book does not create a client relationship between the author and the reader.
Picture Credit
https://pixabay.com/en/users/Clker-Free-Vector-Images-3736/