Taxes are among life’s few certainties, Bitcoin and other Cryptocurrency is no exception. Yes you heard it correctly, the value of your Bitcoin/Cryptocurrency is taxed. For tax reasons, the IRS considered cryptocurrency ownership to be as “Personal Property”, which implies that your virtual currency is now taxed similarly to any other assets you own, such as stocks or gold.
Contact Professional Tax Preparation Atlanta Services.
What Is Cryptocurrency?
Cryptocurrency is a digital asset or virtual currency that is secured with cryptography. This allows it to be free from any kind of manipulation, therefore making it a safer platform.
Cryptocurrency makes online payments easier!
Where Can You Get Cryptocurrencies?
Any investor or buyer can purchase cryptocurrencies from various platforms like Coinbase, Cash App, Blockchain, etc.
What Kind Of Crypto Transactions Are Taxable?
It is easy for you to get confused, considering the amount of transactions out there, but we have made it easier for you to know some transactions which are taxable.
- Paying for goods and services using crypto: using bitcoin for goods such as a burger can make it taxable.
- Buying crypto or selling: if you exchange crypto or sell crypto in exchange for cash, it makes the process taxable.
- Being paid or receiving crypto as rewards.
When To Contact A Tax Professional For Your Cryptocurrency?
We understand that paying taxes can get confusing, especially when a virtual asset is involved, so here at AATCA are ready to help you with your crypto taxes. We are the Best Tax Preparer in Atlanta. Contact us Today to save your Crypto with Government.
How We Can Help?
We help you understand and provide you with the necessary forms for crypto taxes, which are a bit different from the usual tax forms.
Some forms that you may need are:
- Form 1040 or the Schedule D form: It helps you compile your gains and losses on your capital
- Form 1099: This is to report any rewards that you may have received in cryptocurrency. These forms and more are provided by the best tax professionals AATCA in Atlanta.
Cryptocurrency is up and coming and we want you to be prepared to pay taxes and avoid issues. We are equipped to help you in any way and save you time, money and resources. For more, contact us at +1 770-280-1082.