FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions

We frequently receive the following questions. If you have any of these questions yourself, or anything else you'd like to contact us about, we're ready and equipped to provide you a solution:

How do I report income related to mining cryptocurrency?

 

What unique tax breaks exist for miners?

 

What business structure makes the most sense for my mining operation?

I’m not sure how to present my accountants with my cryptocurrency activity in a form that they can use come tax time. Can you help with that?

Do exchanges offer 1099s? If so, can I use these?

I traded cryptocurrencies this year, does that mean I have capital gains for tax purposes?

I accept cryptocurrencies as payment in my business. How do I properly account for this?

What records should I keep in regards to my cryptocurrency activity?

I received a new cryptocurrency via a hard fork. Is this taxable?

Can I gift my cryptocurrency? What would the tax implications be?

I heard that trading one cryptocurrency for another is tax free due to like kind exchanges. Is that true?

Are there any foreign tax implications since many of the exchanges are foreign companies?

Get the answers to these questions and more from our qualified CPAs.

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