Frequently Asked Questions

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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:

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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?

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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?

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

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

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

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

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

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

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

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

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