cryptotax

/cryptotax241

Discussions about crypto tax & accounting - ask questions and get answers. Hosted by the accountants at Tax On Chain (taxonchain.io).

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Vinay Vasanji

@vinayvasanji.eth·02:17 13/02/2025

Reminder: S Corp tax filing deadline in 1 month

/cryptotax

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Vinay Vasanji

@vinayvasanji.eth·00:52 18/01/2025

Smart, useful, and simple

/cryptotax

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Vinay Vasanji

@vinayvasanji.eth·01:57 21/12/2024

I literally have no idea what this means but apparently I need to do something to my crypto holdings before Jan 1 2025 or the IRS will something something

https://www.eisneramper.com/insights/tax/safe-harbor-digital-asset-1224/

Can someone eli5?

Taxpayers Have Until January 1, 2025, to Make Use of Safe Harbor Digital Asset Basis Allocation

The change to basis allocation is just one part of broader changes to how digital asset sales and dispositions are tracked and reported. For some, this safe harbor may present an opportunity to allocate basis in a way that is overall more favorable, but they must act soon.

@vinayvasanji.eth·00:01 29/10/2024

How do taxes work for agents? Could an agent in theory trade automatically upto a certain amount (which typically would incur capital gains on each disposal if a human did it) and then lump sum gift the proceeds to a wallet address?

How will HMRC or the IRS (or other tax authority that taxes crypto transactions) respond?

/cryptotax

816682

John Airdrop

@easyairdrop·12:17 08/08/2024

$DEGEN allowance is claimable now.

Check your $DEGEN points and claim tokens:

degenclaim.com

@vinayvasanji.eth·07:13 02/08/2024

Is there a crypto native tool to generate K-1s for LLC members?

Basically, a hybrid of Awaken.tax and TurboTax

Awaken

Web3 taxes don't have to be a nightmare anymore. Choose Awaken.

@gigamesh·16:44 08/07/2024

What does everyone use for crypto taxes?

/cryptotax

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Vinay Vasanji

@vinayvasanji.eth·01:37 08/05/2024

It is crazy that you can end up with a tax bill because a stranger airdropped you something without your consent

The main reason I don’t care too much about this right now is I claimed my ENS airdrop (one of the top 500 recipients) at an ATH

This has allowed me to carryforward a sizable capital loss for years 🙃

/cryptotax

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Vinay Vasanji

@vinayvasanji.eth·02:39 20/04/2024

Can someone /eli5 the IRS's new 1099-DA for next year? Does this mean all activity needs to be traceable back to specific wallets?

/cryptotax

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Vinay Vasanji

@vinayvasanji.eth·05:22 12/04/2024

I finished my US crypto taxes in 15 minutes thanks to Awaken Tax

Quite surprised by how simple it is to use https://awaken.tax?ref=1bdsrrya

/cryptotax

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