Cryptocurrency Taxation: CPA Panel Discussion

Crypto tax topics addressed by the xCubicle-hosted CPA panel, in which ReSure was represented by Bernard Reisz CPA include:
  • Crypto-to-Crypto Capital Gains
  • Crypto-to-Fiat Taxation
  • Taxation of crypto-gifting
  • Taxation of crypto-mining
  • Crypto-tax for non-US citizens
  • Business entities for crypto-investing and trading – LLCs and C-corps
  • Tax treatment of inherited cryptocurrency
  • 1031 like-kind exchanges for crypto-to-crypto transactions: Utility Tokens vs Digital Currency (Bitcoin, Monero, Ethereum, Zcash, etc.)
  • Tax Basis Calculations: FIFO, LIFO, HIFO, Specific Identification, Average Cost
  • Taxation of ICOs – Initial Coin Offerings
  • Hard Forks, Air Drops
  • The Cryptocurrency Tax Fairness Act
  • Ordinary income vs. short-term gain vs. long-term gain
  • Tax-free retirement accounts (Solo 401K, Checkbook IRA-LLC) for crypto investing
  • The IRS and Virtual Currency: Chainalysis, Coinbase John Doe Summons
  • FBAR (FinCEN 114), FATCA