CryptoTaxGuy 🎩
@cryptotaxguy.eth
Tax partner & digital assets co-head @ Fried Frank. Art appreciatoor. Casts are not advice. Twit: CryptoTaxGuyETH. Deca: deca.art/CryptoTaxGuy
A look at the not-yet-public draft tax legislation to be included in the Trump megabill.
Check out @cryptotaxguy.eth's latest blog post reviewing new crypto legislation in the Trump megabill. Important developments include tax treatment for mining and staking, plus changes affecting foreign investors and a IRS-approved exclusion for certain digital asset transactions. Read more for essential details. https
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PSA: Airdrops from the U.S. are still a big tax risk.
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A look at why the wash sale rules generally don’t - and shouldn’t - apply to crypto.
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Treasury Decision 10021 would treat websites as brokers with 1099 reporting obligations. The regulations are arbitrary and capricious, and should be withdrawn.
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Crypto tax reporting: current state of play
I can tell people are confused.
This thread summarizes the current state of play in 7 short posts. Post 7 provides the carefree option that I personally use.
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IRS TARGETS FRONT ENDS IN FINAL BROKER REPORTING REGS
On Friday, Treasury and the IRS published “part 2” of the final crypto broker reporting regs. This post summarizes the regs.
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UNIVERSAL WALLET REPORTING LIVES ON (FOR SELF-CUSTODIED CRYPTO)
The noise to the contrary is wrong. This Paragraph post explains.
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On Monday, a court in the Northern District of California denied a motion to dismiss a lawsuit against LidoDAO that asserted some or all LDO governance tokenholders are jointly and severally liable for the DAO's actions.
I've provided some preliminary (largely stream-of-consciousness) thoughts on the decision here.
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A Crypto Tax Wish List for the Incoming Administration
Every crypto lawyer should be thinking about and socializing what the top legislative asks of their practice area would be from the incoming Trump administration.
Here are some US tax asks. This is a discussion draft I'm sharing with my network. I'm open to heari...
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One of my faves.
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My initial review of @whitewalls app. TLDR: game changer.
CryptoTaxGuy.ETH 🦇🔊🛡️
@CryptoTaxGuyETH
I’m alpha testing @whitewallsapp for digital art. It requires a Samsung Frame or other smart TV and an AppleTV box ($129). So far, the experience is superb. Easy set-up, intuitive app UX, crisp display. Here’s Revelation by @neurocolor & Same5 by @JakNFT. A cpl caveats below.
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CRYPTO BROKER REPORTING REGS FINALIZED
On Friday, June 28, Treasury and the IRS issued final regs under tax code section 6045 requiring custodial brokers to report dispositions of digital assets to the seller and the IRS on Form 1099-DA.
This post is my first cut at summarizing the key points.
Treasury and IRS issued final rules for broker reporting of digital asset transactions on Form 1099-DA. Key points include updates on DeFi, stablecoins, NFTs, PDAPs, and more. Highlights improvements over proposed rules but notes complexity and potential traps. Read more from @cryptotaxguy.eth http://paragraph.xyz/@cry
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For better or worse, much of society expects the dad to:
- Be the primary breadwinner.
- Sacrifice his own wellbeing for women and children.
- Remain stoic through adversity.
Kudos to those who’ve found peace either inside or outside the status quo. Both paths are hard.
Happy Father’s Day
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Some more nondigital art from my collection.
S’envoler en premiere quand meme attire en sous sol (1967) by Jacqueline de Jong.
This work on paper launched a series inspired by erotic postcards the artist’s lover used to send her. It hung in her studio until I acquired it. ❤️
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