Atlanta, GA – Thursday, December 30, 2021 – (Noticias Newswire) – Cryptocurrency is considered “property” for federal income tax purposes, meaning the IRS treats it as a capital asset. This means the crypto taxes you pay are the same as the taxes you might owe when realizing a gain or loss on the sale or exchange of a capital asset. This and other crypto taxes tips are shared by Daniel Ahart Tax Service on its website www.danielahart.com/crypto-tax/
When Do You Owe Taxes On Your Crypto?
As seen in the IRS virtual currency guidance, the following are all considered taxable events for cryptocurrency:
- Trading crypto to fiat currency like the US dollar
- Trading one crypto for another cryptocurrency
- Spending crypto to purchase goods or services
- Earning crypto as income
However, you don’t trigger a taxable event when you buy and hold crypto, or when you transfer crypto from one wallet you own to another wallet you own,” says Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®
Learn more about Crypto Taxes: Tax Reporting Requirements
Take Care Of Your Crypto Taxes In 4-Easy Steps
- Create a CryptoTrader.Tax account – Crypto Taxes Done In Minutes
- Import Your Trades
- Add Crypto Income
- Generate Your Report
Then, after you generate your report, you have two options:
- Bring it with your other tax documents to one of our Daniel Ahart Tax Service office locations for expert tax preparation
- File with us online with one of our crypto tax experts
Looking for a location near you? Find an office here.
At Daniel Ahart Tax Service®, we have solutions for everyone, including:
- Simple Return
- Student/Retired
- Family/Investor
- Rental Property
- Self Employed/Gig Worker
About Daniel Ahart Tax Service®:
With 22 offices, Daniel Ahart has 30+ years’ experience assisting individuals and businesses with their tax needs. Our preparers are thoroughly trained to find all the credits and deductions you are legally entitled to. We guarantee it! Satisfied or your money refunded. We assist individuals and businesses with tax preparation, accounting and payroll. We also provide incorporation services. Products: Tax Preparation, Tax Problem Resolution, Taxpayer Representation, Bookkeeping, Payroll, Notary Public, Certified Acceptance Agent. We provide year-round support. More info: https://www.danielahart.com