Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurr...
Tag: Tax
Venezuelan Government Approves New Tax for Cryptocurrency and Foreign Currency Transactions – Bitcoin News
The Venezuelan Government has approved a new tax that would affect transactions made in foreign currency and cryptocurrency transactions. Approved by the National Assembly of the country, the tax, cal...
3 things every NFT investor should know to avoid a tax nightmare
2021 will be remembered as the year of nonfungible tokens (NFTs). In a year where names like Beeple and Bored Ape Yacht Club dominated the headlines, it’s estimated that NFTs have generated more than ...
Which Of These Two Tax Tricks Is Better For A Retiree?
In a low-bracket year you could have either a long-term gain or a Roth conversion. One will save you more money. Delaware Senator William Roth (1921-2003), fan of post-tax IRAs (Photo by Wally McNamee...
Ruby Play Network Announces Tokenomics For $RUBY Including 0% Tax
Ruby Play Network has released details of $RUBY tokenomics ahead of the late February listing. The blockchain-based rewards platform published stages of its fundraising rounds, details of token alloca...
Understanding How Tax Gain Harvesting Works
SmartAsset: Understanding How Tax Gain Harvesting Works Most investors are familiar with the concept of “tax-loss harvesting,” which allows you to harvest your losses when an investment has lost money...
Thailand dropped its plans to tax crypto transactions at 15%
Crypto mainstream acceptance has become an issue of concern for several governments globally. Governments globally are looking to halt crypto transactions in their region or tax massive percentages on...
Coinbase teams up with Turbo Tax to offer tax refunds in BTC
Leading American crypto exchange Coinbase has inked a deal with Turbo Tax to enable crypto adopters to get tax refunds in Bitcoin (BTC/USD) and over 100 other cryptocurrencies. A report unveiled this ...
Coinbase and TurboTax Partner To Enable Crypto Tax Refunds
Leading US-based digital asset exchange Coinbase is teaming up with a popular tax filing program to turn income tax refunds into cryptocurrency. In a new blog post, Coinbase says TurboTax users can no...
Crypto Tax Reduction Petition in India Receives Over 52,000 Signatures in Hours
A petition by Indian investors to have the government reduce the newly instated crypto tax rate has received over 52,000 signatures in just a few hours. The petition calls for several changes to the p...
60,000 Indians Petition Government to Lower Crypto Tax to Avoid ‘Devastating Impact’ – Taxes Bitcoin News
Many Indians have signed a petition for the government to introduce reasonable crypto tax policies. This week, India’s finance minister, Nirmala Sitharaman, proposed taxing crypto income at 30%. India...
India: Despite tax ‘legitimacy’, here’s why a ‘crypto ban’ is still not off the table
Soon after the Indian government’s announcement to bring the transfer of digital assets into the 30% tax bracket, Economic affairs secretary Ajay Seth has said that even a ban is still not off the tab...
TurboTax and Coinbase to Give Users Tax Refunds in Crypto
TurboTax and Coinbase have come with a new way to make cryptocurrencies mainstream. The last couple of years has been formative for the crypto industry, with more users coming in as the pandemic struc...
Cryptocurrencies and tax returns, the ruling of the EU Court of Justice
One of the worst nightmares of those who handle cryptocurrencies in Italy is the application of the obligations to declare crypto holdings in the RW form of the income tax return; that is, the complia...
Coinbase and TurboTax Offer Tax Refunds in Bitcoin
In brief If you file through TurboTax, you can get your refund directed to a Coinbase account. The news reflects how crypto is becoming a major part of the tax system. It’s tax time. That means ...
Bill advancing de minimis tax exemption for crypto transactions returns to Congress
advertisement On February 3, Suzan Delbene (D-WA) and David Schweikert (R-AZ) re-introduced the Virtual Currency Tax Fairness Act. The bill would free cryptocurrency users of the need to report capit...
India’s 30% Proposed Digital Asset Tax is Positive, says CoinSwitch CEO
At 30%, India’s tax rate on income from digital assets is unarguably steep. Ashish Singhal, the Chief Executive Officer and founder of CoinSwitch told CNBC in an interview that this proposed legislati...
India’s 30% Crypto Tax: Good or Bad?
The Indian government officially brought in the cryptocurrency gains under the taxation regime on Tuesday. Though the government was expected to table a bill to regulate digital assets, the Finance Mi...
How to Avoid Capital Gains Tax on Real Estate
how to avoid capital gains tax on real estate Home prices have nearly doubled in the last 10 years – and that could mean you owe some serious taxes if you are selling your home. After bottoming out ar...
Coinbase Users Can Now Receive Tax Refunds in Crypto Through TurboTax
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set ...
PoS validator rejects a tax refund offer from the IRS
TL; DR Breakdown The PoS validator declined the IRS’s offer of a tax refund and instead called for a clear policy on staking taxation. Tezos validator sued the federal tax agency May last year. The Un...
IRS signals tax case retreat on staking, but the rules haven’t changed for everyone else
In 2019 Joshua Jarrett earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income, and in line with IRS’ limited guidance on how block rewards should be taxed. However...
Indian Government levies 30% tax on Crypto – Impact and What to Expect
Cryptocurrency has just become a popular notion in India. Since the Covid-19 outbreak hit the country, sending the economy into a downward spin, Indians have begun to rely on cryptocurrency investment...
IRS May Not Tax Passive Income From Holding Crypto Right Away
rear view of businessman sitting on green grass landscape with laptop watching view with flying large group of money over sunny blue sky getty What Happened Taxation of staking rewards has been a cont...
UK Government Updates Crypto Tax Rules on DeFi, Staking
Her Majesty’s Revenue and Customs (HMRC)—the UK’s tax, payments, and customs authority—has updated the rules that govern decentralized finance (DeFi) and crypto staking. “The lendin...
IRS Offers Tezos Staker Refund on Rewards Tax in Break From Current Policy
In 2019, Joshua Jarrett paid income tax on 8,876 Tezos tokens he earned through staking. In 2020, Jarret asked the IRS to return the taxes he paid, arguing that the tokens were not income, but rather ...
Thailand Drops 15% Capital Gains Tax Plan on Crypto
Thailand’s revenue department has abandoned a plan to impose a 15% withholding tax on crypto transactions, according to the Financial Times. The news comes amid opposition from traders in the country....
IRS may not tax staking rewards until sold
A Nashville couple’s lawsuit over taxes they paid on unclaimed and unsold Tezos staking rewards is coming to an end with the Internal Revenue Service (IRS) agreeing to issue them a refund. The decisio...
UK Tax Dept Confuses Crypto Investors in DeFi and Staking Earnings Pursuit
Britain’s revenue department has turned its eyes to earnings from decentralized finance (DeFi) and staking as it seeks more tax regulations on the crypto ecosystem. On Feb 2, Her Majesty’s Revenue and...
Thailand Has Just Axed The 15% Tax On Crypto
Thailand’s revenue department has decided to drop the 15% tax levied on cryptocurrency. This is a piece of positive news for the progressing cryptocurrency industry. This decision to do away with impo...
Big Relief for Crypto Stakers and Miners, IRS Won’t Tax Unsold Crypto Tokens
Crypto Stakers and miners could finally breathe a major sigh of relief as the IRS has decided not to tax unrealized gains derived from crypto staking or mining digital assets. This has been a major re...