MAKE SURE YOU FILE YOUR TAXES!!! As you have probably seen from the recent Trump and Harris speeches and/or talks, cryptocurrency has become a topic that has been talked about for the first time in an American election. Whether it is to make the United States the cryptocurrency capital of the world or for the government to stop cryptocurrency transactions and/or issue more regulations, one thing that we must not forget is that both parties will take one stance or another with cryptocurrency. Which is a clear indication as a legal professional, that we must file our cryptocurrency taxes, because it’s obvious that the first move that either party will make will be to ensure that every US resident is showing their cryptocurrency transactions on their tax returns. This started back in 2019 when the IRS allowed for a check the box section on your FORM 1040 which states do you trade cryptocurrency. Although it took 10 years for the government to realize that there was real funds and or money transacted in the cryptocurrency space before they put this section on your FORM 1040, with banking institutions entering the crypto market through ETFs and now presidential candidates discussing their stance on cryptocurrency, regulations might end up coming out faster than we ever thought. For instance, just this year the IRS has issued regulations under the current administration stating that they are expecting for brokers of cryptocurrency, to properly report the basis of anybody’s transactions on the FORM 1099 that they send to the IRS. This is something that no exchange has been doing. For instance, in today’s market, crypto exchanges such as Coinbase, only send a 1099 to the IRS reporting your proceeds and leaving the basis section of the 1099 blank. Which has caused a significant issue for any taxpayer or cryptocurrency trader because it looks like you made far more than you actually did. For instance, this 1099 would signify that you had 100% profits on your gains and no internal investment or basis, of which you will owe taxes. This new regulation helps taxpayers with their filings in the future. Therefore, I recommend that you either look and start reviewing your transactions in order to properly file your capital gains and losses since you started trading, or you should higher professional in order to make sure that everything is done properly in the best of your ability so that when regulation is issued, you’re not in a position to be scrambling and possibly face jail time for your failure to report your concurrency transactions. That’s because anybody’s failure report cryptocurrency transactions within the United States would be considered tax fraud which has an unlimited period of stats limitations, and they could come at any time. But be aware that the IRS has advised that they will offer leniency for anyone who attempts to file their cryptocurrency transactions on their tax return. If you have any questions about this or need help with your cryptocurrency tax assessment or filing feel free to call our office at (954)560-3038 or follow @realcryptolaw #tax #taxation #cryptocurrency #regulations #capitalgains #capitalloss @kamalaharris @realdonaldtrump

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