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CryptoTaxGuy 🎩

@cryptotaxguy.eth

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CryptoTaxGuy 🎩
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A look at the not-yet-public draft tax legislation to be included in the Trump megabill.
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CryptoTaxGuy 🎩
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See “Theft” here: https://www.findknowdo.com/news/12/20/2022/analysis-crypto-tax-loss-harvest-szn
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PSA: Airdrops from the U.S. are still a big tax risk. https://paragraph.xyz/@cryptotaxguy.eth/psa-airdrops-from-us-are-still-a-big-tax-risk
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CryptoTaxGuy 🎩
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A look at why the wash sale rules generally don’t - and shouldn’t - apply to crypto. https://paragraph.xyz/@cryptotaxguy.eth/preview/6oBIO8BSfIiSlAPowND3
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
Treasury Decision 10021 would treat websites as brokers with 1099 reporting obligations. The regulations are arbitrary and capricious, and should be withdrawn. https://paragraph.xyz/@cryptotaxguy.eth/criticisms-of-the-new-crypto-broker-reporting-regs-are-entirely-justified
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CryptoTaxGuy 🎩
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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. https://paragraph.xyz/@cryptotaxguy.eth/tax-reporting-current-state-of-play
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
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. https://paragraph.xyz/@cryptotaxguy.eth/irs-targets-front-ends-in-final-crypto-broker-reporting-regs
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CryptoTaxGuy 🎩
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UNIVERSAL WALLET REPORTING LIVES ON (FOR SELF-CUSTODIED CRYPTO) The noise to the contrary is wrong. This Paragraph post explains. https://paragraph.xyz/@cryptotaxguy.eth/universal-wallet-reporting-lives-on-for-self-custodied-crypto
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
Congrats degens.
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
Appreciate it
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
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. https://paragraph.xyz/@cryptotaxguy.eth/some-thoughts-on-the-lido-decision
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CryptoTaxGuy 🎩
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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 hearing other asks. https://paragraph.xyz/@cryptotaxguy.eth/us-tax-asks-discussion-draft
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CryptoTaxGuy 🎩
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💯
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
One of my faves.
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
Sales tax is a state by state determination that depends on the location of the customer. The issue comes up primarily with NFT sales. In large part it just hasn’t been figured out yet. I’m a federal tax lawyer, not a state tax lawyer, and the fed tax code doesn’t impose a sales tax.
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CryptoTaxGuy 🎩
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My initial review of @whitewalls app. TLDR: game changer. https://x.com/cryptotaxguyeth/status/1811474899829162016?s=46&t=2AHE36ymwSw-fHbouQDHjg
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🤌
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The default is that, absent specific identification, you sell the crypto that (1) has been longest in your possession AND (2) is in the selling wallet (even if it was transferred to that wallet more recently than other lots).
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CryptoTaxGuy 🎩
@cryptotaxguy.eth
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.
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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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