All you wanted was a comfortable retirement. What you got was fraud, incompetence, and scams. Fortunately, Lance Wallach and his team are here to help you protect your assets and keep the IRS out of your pockets!
Remember, many advisory firms offer financial planning, insurance, and investment services, but the difference is that Lance Wallach wrote the books on life insurance as well as financial and estate planning that the other consultants learned from!
If you want to sleep soundly at night, don't go to the students for your financial solutions, go to the one who teaches them - Lance Wallach!
How is the IRS Handling Cryptocurrency Transactions? The first page of IRS Form 1040 asks if at any time during the year you received, sold, or exchanged, or otherwise disposed of any financial interest in any virtual currency. If you have any taxable transactions, you should check “Yes.” If you have a nontaxable transaction – just buying Bitcoin or another cryptocurrency – you should check “No.”
Reporting Taxable Transactions According to IRS Notice 2014-21, the IRS considers cryptocurrency as property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary. As a result, the most common crypto transactions that you do need to report on your tax return include:
Selling your Bitcoin or other crypto for cash Trading one cryptocurrency for another cryptocurrency Buying goods and services with your cryptocurrency In addition to reporting your capital gains and losses, you may need to report certain transactions as ordinary income, including:
Receiving airdropped tokens Receiving tokens as a result of a hard fork Staking cryptocurrency Yield farming and Liquidity Mining Referral bonuses
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ReplyDeleteAll you wanted was a comfortable retirement. What you got was fraud, incompetence, and
scams. Fortunately, Lance Wallach and his team are here to help you protect your assets and
keep the IRS out of your pockets!
Remember, many advisory firms offer financial planning, insurance, and investment services,
but the difference is that Lance Wallach wrote the books on life insurance as well as
financial and estate planning that the other consultants learned from!
If you want to sleep soundly at night, don't go to the students for your financial solutions, go to
the one who teaches them - Lance Wallach!
How is the IRS Handling Cryptocurrency Transactions?
ReplyDeleteThe first page of IRS Form 1040 asks if at any time during the year you received, sold, or exchanged, or otherwise disposed of any financial interest in any virtual currency. If you have any taxable transactions, you should check “Yes.” If you have a nontaxable transaction – just buying Bitcoin or another cryptocurrency – you should check “No.”
Reporting Taxable Transactions
According to IRS Notice 2014-21, the IRS considers cryptocurrency as property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary. As a result, the most common crypto transactions that you do need to report on your tax return include:
Selling your Bitcoin or other crypto for cash
Trading one cryptocurrency for another cryptocurrency
Buying goods and services with your cryptocurrency
In addition to reporting your capital gains and losses, you may need to report certain transactions as ordinary income, including:
Receiving airdropped tokens
Receiving tokens as a result of a hard fork
Staking cryptocurrency
Yield farming and Liquidity Mining
Referral bonuses